Monday, 2024 May 27

Indonesian e-wallet OVO sees 75 times transactions growth in 2018 amidst local mobile payment momentum

Indonesia’s digital payments platform OVO under PT Vision International just announced its 2018 report card, claiming 1 billion transactions this year, or a 75 times increase since November 2017. It’s user base also saw a whopping 400% growth over the same period.

The company now claims it’s the largest digital payment platform in Indonesia, as cited by local press.

The brisk increase is attributed to OVO’s wide coverage throughout Indonesia. “OVO has reached Sabang to Merauke, and 77% of our users are coming from the Greater Jakarta area,” said Director Harianto Gunawan in an official statement.

The three largest transactions categories on the platform in 2018 come from transportation, retail, and e-commerce. “Our goal is to support partner businesses, especially Small and Medium Enterprises (SMEs) and achieve sustainable financial inclusion,” OVO Chief Product Officer Albert Lucius said.

The company also inked a number of notable partnership deal with various major players in the industry, including ride-hailing giant Grab and Kudo application that helped bring millions of new users to OVO. In the retail sector, OVO is available at 90% of malls in 294 cities in Indonesia, including hypermarkets, department stores, coffee shops, cinemas, parking operators, and hospitals.

Albert believes that the achievement illustrates the role of OVO in enhancing financial inclusion in Indonesia. “2018 marked an exponential development year for OVO. Starting from a pilot project in the Karawaci region, OVO is now present in 303 cities in Indonesia,” he said.

Since earlier this year, OVO also started focusing on developing payment methods based on Quick Response (QR) code that is benefitting Small, Micro and Medium Enterprises.

Editor: Ben Jiang

Khamila Mulia
Khamila Mulia
Khamila Mulia is a seasoned tech journalist of KrASIA based in Indonesia, covering the vibrant innovation ecosystem in Southeast Asia.

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