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View all search resultsJakartans disinclined about Indonesian Credit Card
Reducing reliance on western credit card providers was the main notion behind the establishment of the Indonesian Credit Card (KKI), so the country has a system to rise to the task when worst comes to worst.
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Cashless economy: State-owned bank BNI employees print credit cards on Aug. 10, 2012, at the lender’s Card Business Division in Jakarta. Bank Indonesia (BI) has cut the interest rate for credit cards from a maximum of 2 percent to 1.75 percent per month, effective on Thursday. (JP/Nurhayati)
T
he denizens of Jakarta have given a tepid reception to the launch of the Indonesian Credit Card (KKI) after discovering its limitation and reviewing necessities but stated willingness to change heart if consumer stimulus is introduced.
Bank Indonesia (BI) launched the credit card for retail customers on Independence Day after years of running the system for limited use.
Asked whether the goal was to ultimately integrate the system with international payment networks, interim BI governor Destry Damayanti told The Jakarta Post on Thursday: “[There is] no such plan because it’s only for domestic [use]”.
Kaleb Sihombing, a civil servant in Jakarta, said that limitation would become an impasse in deciding whether to get the KKI since the need to make overseas transactions was the chief factor behind obtaining his first credit card.
“I only use [my credit card] when I’m abroad or when there’s a domestic discount. I don’t need it for daily use because there are many other more convenient payment systems,” Kaleb told the Post on Friday.
The international credit card system and infrastructure have always been overwhelmingly dominated by American companies like Visa and Mastercard, both of which have deep reach in the Indonesian credit card ecosystem.
The systems employed by both companies have for decades been convenient, proven and well connected until the Ukraine war began in 2022, which brought the United States to impose economic sanctions on Russia, intended to isolate the invader from the international economy.
