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Following west’s financial sanctions on Russia, Indonesia to phase out Visa and Mastercard, reduce dependence on western payment systems

Indonesia is not the first country to consider phasing out foreign payment systems. In recent years, countries like China and Russia have taken steps to develop their own payment systems and reduce their reliance on Visa and Mastercard.

Russian Banks to switch to Chinese payment system UnionPay after Visa and MasterCard suspend operations in Russia

Chinese company UnionPay along with Russia's domestic system MIR will operate payment cards for Russian Banks

Visa, Mastercard halt operations in Russia hours after Ukrainian President urged for US companies to halt businesses amid war

Earlier on Saturday, PayPal, one of the leading digital payment companies had halted operations in Russia.

Modi using nationalism to promote RuPay, hurting business: Mastercard complains to US authorities

More than half of India’s 1 billion debit and credit cards now go through the RuPay payment system

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