I can say that Visa and Mastercard are very much alive in Indonesia. In fact in terms of the number of cards per cardholder Indonesia has by far the most I've ever seen. It's normal for someone to have 5-10 cards from various issuers as the country offers cashback and various rewards based on what issuer is used at a particular merchant, and this is usually publicised in front of a store and seems to be an effect of bank owned acquirers incentivising and sharing revenue from "on us" traffic.
So whilst many countries are looking at various domestic schemes right now, and various digital wallets are growing in Indonesia, there will be a degree of inertia with issuers and acquirers in Indonesia as any move away from Visa and Mastercard would need to consider how to configure these reward programmes or replace them, as cardholders have become accustomed to really strong benefits, rewards and cashback with the existing configuration.
Another fantastic read, Sy.
So much to absorb and digest, yet still have room for more 🤙🏼. Your writing style and structure is as good as it gets in the world of fintech•finance.
Another great one! Thank you Simon for keeping us educated.
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Fantastic read.
Regarding Indonesia and Visa and Mastercard...
I can say that Visa and Mastercard are very much alive in Indonesia. In fact in terms of the number of cards per cardholder Indonesia has by far the most I've ever seen. It's normal for someone to have 5-10 cards from various issuers as the country offers cashback and various rewards based on what issuer is used at a particular merchant, and this is usually publicised in front of a store and seems to be an effect of bank owned acquirers incentivising and sharing revenue from "on us" traffic.
So whilst many countries are looking at various domestic schemes right now, and various digital wallets are growing in Indonesia, there will be a degree of inertia with issuers and acquirers in Indonesia as any move away from Visa and Mastercard would need to consider how to configure these reward programmes or replace them, as cardholders have become accustomed to really strong benefits, rewards and cashback with the existing configuration.