Mastercard ties up with crypto firm Fasset to grow business in Indonesia

Mastercard, a leading global financial services company, has partnered with crypto gateway provider Fasset to expand business in Indonesia. Under this, digital solutions will be developed to increase crypto business in Indonesia. A large part of the population in Indonesia is not included in the financial system and this partnership will also help in increasing financial inclusion.

Mastercard said, “The number of people dependent on digital assets is increasing. As a result, such firms in the public and private sectors need to come together to create solutions that open new opportunities for financial inclusion.” The crypto segment is growing rapidly in Asia. Digital assets business has grown manifold in the last few years in countries like India, Japan, Vietnam, China, Singapore, Thailand, Indonesia and Malaysia. According to a report by professional services company Accenture, people from Thailand and Indonesia hold the most digital assets in Asia.

Recently, Mastercard has expanded the range of non-fungible tokens (NFT) purchases with card payments. For this, Mastercard has partnered with metaverse firms Sandbox, Immutable X, Spring and Nifty Gateway and a few other firms. There is growing interest in NFTs from the Web3 community as well as the metaverse industry. Raj Dhamodharan, Executive Vice President, MasterCard, said in a blog post, “We are working with these firms to give people the option to buy NFTs using MasterCard cards. There are approximately 2.9 billion MasterCard cards worldwide. and this could have a major impact on the NFT-connected ecosystem.” Mastercard aims to eliminate the need for NFT purchasers to use cryptocurrencies.

Using blockchain technology in NFTs, tokens of unique items are authenticated which are linked to reproducible digital assets. These can include art, music, in-game items, and videos. These can be traded online but cannot be duplicated. The popularity of NFTs is also increasing. Sports clubs, automobile companies and pop stars are also getting into this business.

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