As digital money entered the financial scene, there were many concerns about their safety and real value. However, digital money proved itself as a safe and convenient option for money transfers, and since then it has paved its way into different countries’ financial systems. You can now buy BTC from ATMs and even pay for goods with it. The mechanisms and regulations for digital payments vary in different countries and regions. If you plan to buy crypto, Indonesia provides a unique option of fast transactions between different providers and countries – a QRIS code. It is supported by Bank of Indonesia and a plethora of bank apps and electronic wallets worldwide.
It’s an abbreviation for Quick Response Code Indonesian Standard. That’s a QR-code that allows performing financial transactions in a simplified way by scanning it. It stores all the necessary data and is integrated with multiple payment systems, which makes it very flexible and convenient both for individuals and businesses.
A virtual bank account is an account based on the real one that works just the same way but simpler and faster, since it already provides all the necessary data to process a payment. They can be permanent or temporary to use just for sole transaction. You can register a VA in online banking services in your country.
If you need to buy crypto, QRIS is just a part of the process as one of the steps of the bridge from fiat to crypto, since it’s just another form of payment execution. Just be sure that you use a provider with the option to buy crypto with IDR. You need to start with creating an account in one of the payment services integrated with QRIS.
You can buy crypto with IDR using an ATM, and sometimes it’s a convenient option. However, digital payments are largely preferred by users in Indonesia, since you can perform them from any place without traveling to an ATM machine. It is estimated that only 11% of payments in Indonesia are made by cash.
Banking transfers is another option, and it’s the most popular one – around 17% of transactions are made with its help. However, they take a lot of time to process, and require filling in the form with all your banking information. Creating a virtual banking account can make it easier, since it doesn’t require you to fill in so much information.
It’s the most popular option in Indonesia, making a whopping 39% of transactions. You can use them to buy crypto with Google Pay. It’s a convenient option to buy BTC and send to wallet. However, transactions can take quite a long time, the fees can be significant, and not all of them support QRIS.
Crypto trading platforms that support IDR, are integrated with QRIS and systems that support virtual bank accounts is another great option to onramp fiat to crypto. One of such is Bitget that is integrated with Swapple. It has a lot of benefits compared to the other methods since it provides instant transactions and supports a lot of payment methods, including Indonesia-focused ones.
Swapple is a service that allows to offramp and onramp crypto with the most profitable rates (up to 0,5 – 1% fee) for individuals and corporations. If you want to buy crypto, Bitget provides the rates and the order books, and the transaction is facilitated by Swapple. Buy crypto – QRIS-supported payments get you covered, and they take very little time, especially if you buy crypto with virtual account.
To do it, you need to:
After this, you can buy and sell your digital assets without unnecessary waiting and overpaying – transactions will go smoothly and instantly. Just log into Bitget, go to “Buy crypto”, then “Quick buy”, and finally “Third party”.
To benefit from Swapple service, just choose Geo Pay as a third party (it’s Swapple’s name before rebranding).
Then choose IDR and use a QRIS-supported provider, follow the further instructions and you’re good to go with the most beneficial rate and speed!
