What is OVO? OVO Review

Basic Introduction

OVO started in 2016 when the app provided payment, points redemption and financial services for shopping malls under the Lippo Group, a large Indonesian conglomerate. In 2017, it obtained Indonesia's operating license as a fintech company and gradually developed into an e-wallet.

In terms of retail, OVO currently has a presence in 294 cities in Indonesia, covering more than 500,000 retail stores, including large supermarkets, department stores, coffee shops, cinemas, parking operators, hospitals, all Grab services, and Tokopedia e-commerce platform and other consumption scenarios.

OVO wallet supports multiple recharge methods, such as ATM machines, online banking, mobile banking or offline OVO booths.

Group Introduction

Lippo Group is one of Indonesia's largest conglomerates, controlling more than $15 billion in assets and investing heavily in the retail, media, real estate, banking, natural resources, hospitality and healthcare sectors.

OVO wallet recharge method

Users who choose to recharge based on bank cards can complete the operation through 17 local bank cards in Indonesia, such as: BCA, Mandiri, NOBU, BNI, CIMB, BTPN, BRI, PermataBank, Sinarmas Bank, Simobi, Maybank, DBS, BANKMEGA, BTN, Danamon, and PaninBank.

Merchants who choose to recharge at offline booths can easily find OVO booths in major shopping malls, entertainment venues and restaurants.

Indonesia OVO payment features

Covered countries: Indonesia

Payment type: E-wallet

Supported currencies: IDR

Suitable industries: foreign trade e-commerce, game distribution, video live broadcast...

Minimum single transaction limit: 10,000 IDR

Maximum single transaction limit: IDR 100,000

Coverage users: >10 million

Market coverage: e-wallet coverage is 13%, and continues to rise rapidly

Arrival time: Real-time arrival

Whether to support chargeback: Not supported

Whether to support refund: Yes

Refund fee: 1.0 USD/refund

OVO payment process

If they eventually choose OVO as their payment method, they will be asked to enter their OVO ID (e.g. the phone number tied to their OVO account)

Entering the OVO ID will trigger a push notification for the consumer to verify the payment on their smartphone. Once the push notification is sent to the end customer's OVO app, they will have 30 seconds to respond and verify the transaction.

If the consumer approves the transaction from their smartphone and the customer has sufficient cash or points in their OVO account, the transaction will be successfully processed.

OVO Advantages

1. Wide coverage: Cashless transactions are available at more than 60,000 outlets in Sabang-Merauke;

2. Simple and safe: no need to worry about depositing cash, finding change, receiving money, etc.;

3. Promotions: Get exclusive offers and promotions, and earn OVO Points when you trade;

4. Free transfers: Upgrade to OVO Premier to enjoy free transfers between all banks and users;

5. Wide range of uses: paying bills (telephone, internet or insurance, etc.), donations, investments, and financial management;

6. Convenient recharge: OVO Cash can be recharged via ATM, mobile banking, online banking, ** or through selected partner merchants.

Development History

In December 2017, OVO partnered with online ride-hailing service Grab. In November 2018, Grab invested in OVO and it was deeply integrated into the Grab application.

In October 2018, OVO established a partnership with Indonesian e-commerce unicorn Tokopedia to be used as a payment method in its e-commerce marketplace. This move increased OVO's monthly active users by 80 million.

In early 2019, OVO acquired Taralite, a local P2P lending company. After joining Taralite's online lending business, OVO will be able to provide credit services to merchants and consumers.

In March 2019, OVO started cooperation with Bareksa, an Indonesian online financial management platform. Its users can invest and manage their finances through the Bareksa platform with an annual yield of 5%-6%.

As of October 2019, OVO is officially confirmed as Indonesia's fifth largest unicorn with an estimated value of $2.9 billion, making it Indonesia's top digital payment system based on transaction value.

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