Heaptalk, Jakarta — Indonesia’s Tokocrypto and PT Bank OCBC NISP Tbk have joined forces to launch the Tokocrypto Global Debit Card, which is devoted to the rising generation, a Web2, a Web3 community in the archipelago.
This global debit card enables customers with a practical payment solution with the added advantage of seamless cross-border transactions. It automates foreign currency conversion, eliminating the hassle of foreign currency conversion and ensuring convenience and efficiency for international payments.
“This collaboration signifies a crucial step in bridging the gap between traditional banking and the crypto industry in Indonesia. By introducing this card, we cater to millennials and Gen Z, for whom cryptocurrency is not just an investment but a lifestyle. Our goal is to provide innovative solutions that enhance user experience and meet their dynamic financial needs,” CEO of Tokocrypto, Yudhono Rawis, conveyed during the Indonesia Blockchain Week 2024 event. (11/19)
As is known, both entities recognized that the collaboration emerged against Indonesia’s rapidly growing cryptocurrency market. As the Chainalysis Global Crypto Adoption 2024 notes, Indonesia climbed third place in global crypto adoption rankings, up from seventh in 2023.
Moreover, Indonesia’s CoFTRA reported a significant surge in cryptocurrency transactions in Indonesia. The transaction value reached a staggering IDR 426.69 trillion, reflecting 351.97% from January to September 2024. This milestone highlights the nation’s measures, including this strategic cooperation to foster a supportive ecosystem for digital assets, surpassing countries such as the United States, Vietnam, Ukraine, and Russia.
Tokocrypto Global Debit Card benefits
The Tokocrypto Global Debit Card grants multiple simplicities for customers, including:
- Multi-Currency Functionality: supports transactions in 12 currencies, including IDR, USD, AUD, SGD, JPY, EUR, HKD, CHF, NZD, CAD, GBP, and CNH.
- Zero Conversion Fees: provides economical cross-border transactions without additional currency conversion charges.
- Contactless Payment Technology: This ensures quick and secure payments with a simple tap or dip of the card, which is particularly useful for retail purchases and urban transportation systems.
- ATM privileges: enables free cash withdrawals at OCBC ATMs in Singapore, Malaysia, and Hong Kong.
- Global acceptance: compatible with merchants and ATMs worldwide through the MasterCard, Cirrus, and Maestro network.
“The Tokocrypto Global Debit Card is a financial tool that supports a modern lifestyle while enabling users to be smart spenders. Its multi-currency feature simplifies international transactions, making it an ideal choice for frequent travelers,” said the Retail Proposition Division Head at OCBC, Chinni Yanti Tjhin.
By expanding the strategic collaboration, Tokocrypto looks forward to boosting its business growth. The company reported a trading volume increase of $4.7 billion, representing a year-on-year (YoY) growth of 165.55% in Q3 2024. Additionally, the platform attracted 567,203 new users between Q1 and Q3 of 2024, marking a YoY user base expansion of 157.81%.
