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Indonesia Partakes in Creation of ASEAN Card Payment System
Source: Xinhua
Source Date: Monday, October 17, 2011
Country: Indonesia
Created: Oct 18, 2011

Ronald Waas, director of BI Payment System Directorate, said that the system would be called ASEAN Card Scheme. "In the future we can withdraw money from all ATMs operating in all ASEAN countries. We can do it all through ASEAN card scheme," Ronald said here. According to Ronald, the operation of the system would be like the ones offered by Visa and MasterCard. "ASEAN has the initiative to create payment card particularly for ASEAN countries, so as to make us have card payment system with lower operation cost," Ronald said. Discussions on the creation of such a card payment system is underway at the moment through sessions called Executive Meeting Asian and Pacific (EMEAP) joined by representative from ASEAN countries plus China, Australia, New Zealand and South Korea, he said. According to Ronald, there were three payment categories discussed in the meeting that consisted of trade payment, capital market payment and retail payment. He said the meetings have discussed possibilities to use local currencies instead of using U.S. dollars in trade and capital payment system among those countries. The creation of such a system was also essential related to the creation of ASEAN connectivity regime scheduled in 2015, he said.
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