Ezra Reguerra12 hours agoPayment platform Mercuryo integrates crypto on-ramp with Indonesian banksMercuryo integrates crypto on-ramp solutions in Indonesia, enabling users to convert their Indonesian rupiah into 40 digital tokens, including BTC, ETH and USDT.880 Total views15 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPayments infrastructure platform Mercuryo has launched fiat-to-crypto on-ramp services for major banks and payment providers in Indonesia.
On July 22, Mercuryo announced that its crypto ramp solution had been integrated into Bank Rakyat Indonesia (BRI) and PT Bank Negara Indonesia (BNI). The firm’s on-ramp solution has also been enabled for the Quick Response Code Indonesian Standard (QRIS), a cashless payment system in Indonesia and e-wallet provider Ovo.Allowing Indonesians to convert fiat into crypto
According to Mercuryo, the new integration will allow local users to convert the Indonesian rupiah (IDR) into 40 different digital tokens, including Bitcoin (BTC), Ether (ETH) and Tether (USDT).
When BRI and BNI users want to purchase cryptocurrencies, they will be able to receive a payment identifier and instructions on how to conduct crypto purchases through their banks.
Indonesian users can also purchase crypto using the country’s QRIS system. Mercuryo said the company generates a unique QR code for each transaction, ensuring a quick payment process using existing methods.
Meanwhile, those who want to purchase crypto using Ovo would also receive a push notification from the e-wallet provider, highlighting instructions on purchasing crypto using their fiat.
Apart from the four providers, Mercuryo also highlighted that it wants to integrate its services with local businesses and centralized exchanges in the country.
In addition to retail users, businesses would also be able to use Mercuryo’s payment solutions.
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Mercuryo’s executive director for Singapore, Aviessa Khoo, said that the firm’s expansion into Indonesia will have “far-reaching implications” for the country’s financial ecosystem.
The executive believes that their on-ramp solutions will broaden access to financial services. This may be particularly true for the country’s unbanked and underbanked population, who lack access to traditional payment services.
Crypto on-ramp services bridge the gap between digital assets and traditional finance systems. With on-ramp services, users can convert their fiat money into crypto, allowing them to participate in the crypto ecosystem.
In a previous Cointelegraph interview, Khoo argued that crypto on-ramps are still “the biggest gateway” to onboard Web2 users into Web3. The executive said that the fiat on-ramp infrastructure is good for non-crypto native users. However, Khoo also explained that crypto-native users still prefer peer-to-peer (P2P) conversions.
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