OVO Leads Fintech Market 2020, Beating Gopay and Shopeepay

UBS Global Research’s research shows that OVO dominated the payment financial technology (fintech) market in Indonesia last year, beating GoPay to ShopeePay. Bank Indonesia (BI) also noted that OVO took the lead in 2019.

Based on this research, 31% of 3,600 respondents used OVO during the past year. “An increase compared to 2019 by 20%,” said OVO Head of Corporate Communication Harumi Supit in a press release, Wednesday (24/2).

He said that the OVO application was downloaded on 115 million devices. Its services are also present in 426 cities. Meanwhile, the number of partners reached 1.2 million. Two-thirds of them are Micro, Small and Medium Enterprises (UMKM). “The number of MSMEs joining the OVO open ecosystem increased by 95% last year,” he said.

Harumi said the company focused on collaboration in the last year. Most recently, this purple fintech has hooked up a network of educational institutions, schools and universities to make it easier for users to pay.

Become a Partner of Kartu Prakerja Program

OVO is also a strategic partner in the Kartu Prakerja program. The company won an award for the Digital Transformation category at the 2020 Branch Mobile Growth Awards, which is claimed to be Indonesia’s only digital company. Previously, BI also noted that OVO controlled the electronic money market in Indonesia, namely 20% in 2019.

This data is in line with APJII’s latest survey which shows that OVO is narrowly superior to GoPay. As many as 6.5% of the 7,000 respondents used OVO, while GoPay was 5.9%. However, DailySocial data shows that GoPay was in the top rank last year.

Likewise with a survey by the Sharing Vision Telematics Research Institute. Chief of the Sharing Vision Telematics Research Institute, Dimitri Mahayana, said that 81% of respondents chose to use GoPay. Followed by OVO 71%. Then Shopeepay (44%), DANA (41%), Mandiri e-money (21%), Flazz (18%), Link Aja (16%), Brizzi (5%) i.saku (2%), and Jakcard and Paytren 1% each.

As for Snapcart research, ShopeePay is used more frequently than GoPay and OVO in the last quarter of 2020. Half of 1,000 respondents use ShopeePay. Meanwhile, OVO is 23%, Gopay is 12%, DANA is 12%, and LinkAja is 3%. The survey was conducted from September to early December 2020. In June-August, Snapcart also noted that ShopeePay ranks first in terms of usage.

OVO Has Provided a School Tuition Payment Feature

The OVO digital payment platform now provides a tuition fee payment feature or SPP, following Gopay, which provided similar facilities last year. The company also launched its new feature which is tuition payment feature for elementary school to college.

OVO Head of Corporate Communications Harumi Supit said the collaboration with educational institutions is the company’s effort to provide innovations and breakthroughs that are needed by society.

“By paying tuition fees directly from the application, it certainly makes it easier for users, especially students. So now they can study online from home and pay tuition from home quickly, safely and easily,” said Harumi in a written statement, Friday (19/2/2021).

He explained, apart from making it easier to pay tuition fees, OVO also offers a 5 percent cashback program with a maximum of 10,000 OVO points per transaction for payment of tuition fees through the OVO application and will be valid on 5^th of March to 11^th of March.

It’s quite simple to pay via mobile app. Just open the OVO application, click the ‘More’ icon, select the ‘Education’ category, then complete the payment. But users must update the app to its latest version.

“In the future, the company will continue to collaborate and expand partnerships with existing educational institutions, to be able to present a more diverse and comprehensive selection of education payment features in the OVO application,” said Harumi.