Number of ShopeePay, OVO, and DANA Users Soaring Up to 267%

People are turning to digital services during the corona pandemic, one of which is non-cash payments. Financial technology (fintech) payments companies ShopeePay, OVO, and DANA saw a 267% increase in the number of users.

Growth Marketing ShopeePay Cindy Candiawan said the number of users in Indonesia was more than 10 million per month during the fourth quarter of 2020. This service is already present in 500 cities in Indonesia. Meanwhile, the number of SeaMoney users in Southeast Asia is 23.2 million. The transaction volume reached US$ 2.9 billion or IDR 41.8 trillion.

Cindy said the company would focus on providing promotions this year. “ShopeePay will routinely provide users with more benefits in the form of promos,” he said, Thursday (25/3).

Most recently, ShopeePay provides a ShopeePay Mantul Sale campaign which ends Saturday (27/3). The forms of promotions given are ShopeePay Deals IDR 1, free postage vouchers with a minimum shopping of IDR 0, all thousand and up to 110% cashback.

Another fintech, OVO, also recorded an increase in the number of users. “There is a substantial addition of new OVO users throughout 2020, namely 267%,” said Head of Corporate Communications Harumi Supit, Wednesday (24/3).

In total, the OVO application is already used on 115 million devices. He said the number of users increased because people switched to digital services during the Covid-19 pandemic. OVO also recorded an increase in the number of partners (merchants) by 95% on an annual basis (year on year/yoy) last year.

This year, the company will focus on developing services. DANA also recorded an increase in the number of users of up to 50% during 2020. DANA Indonesia’s Co-Founder and CEO Vincent Iswara said the increase continued in the first quarter of this year.

Just like OVO, DANA will focus on developing services this year. “We are focusing on developing existing products to the latest,” he said, Wednesday (24/3).

ShopeePay Dominates the e-Wallet Market in Indonesia

Previously, NeuroSensum’s research showed that ShopeePay dominated the Indonesian digital wallet market in early 2021. It has the highest market penetration at 68%. Then OVO 62%, DANA 54%, GoPay 53%, and LinkAja 23%.

Neurosensum Indonesia Research Manager Tika Widyaningtyas said ShopeePay dominates the country’s e-wallet market because it is integrated with Shopee. Many NeuroSensum respondents think that this integration makes online shopping easier.

ShopeePay’s transaction volume also reached 29% of total fintech payments in Indonesia from November 2020 to January 2021. Then OVO 25%, GoPay 21%, DANA 20%, and LinkAja 6%. ShopeePay also leads in terms of transaction value, namely 33% of the total.

Followed by OVO 24%, GoPay 19%, DANA 18%, and LinkAja 6%. In terms of frequency, users transact using ShopeePay an average of 14.4 times per month. OVO 13.5, GoPay 13.1, DANA 12.2, and LinkAja 8.2 times.

The research is based on a survey of 1,000 respondents who were active users of e-commerce from November 2020 to January 2021. They are 19-45 years old who live in eight major cities in Indonesia.

OVO Supports the Development of MSMEs

As a digital payment platform, OVO encourages MSME players to digitize, especially adopting digital payment methods.

OVO Head of Corporate Communications Harumi Supit said that his party saw that there was great potential for MSME players to enter the digital realm. Based on existing data, OVO has experienced a trend of increasing the number of MSME partners by 95 percent in 2020.

“Since its inception, OVO has continued to strive to empower and embrace all partner merchants, including MSMEs, which play an important role in developing OVO’s open ecosystem and stimulating the Indonesian economy,” he said in an official statement, Monday (29/3).

He also revealed that the efforts made by OVO are in line with the targets of the Ministry of Cooperatives and SMEs. It should be noted, the Ministry of Cooperatives and SMEs is targeting 30 million MSMEs to enter the digital market by 2023.