What is OVO? OVO Review

OVO is a digital payment service based in Jakarta, Indonesia. It is a digital platform for simple payments and smart financial services.

About OVO

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.

As of March 2019, over 110 million people use OVO, which is present in 300 Indonesian cities and available in 90% of shopping malls nationwide, providing cashless payment options for customers in large supermarkets, department stores, coffee shops, cinemas, parking lots, hospitals, and F&B outlets.

PS: Lippo Group is one of the largest conglomerates in Indonesia, controlling more than US$15 billion in assets and making large investments in the retail, media, real estate, banking, natural resources, hotel and healthcare industries.

OVO in Indonesia

According to Bank Indonesia, OVO is the current e-wallet leader in Indonesia, ranking second in the second quarter of 2019. The company processed transactions worth IDR 56.1 trillion (about US$4 billion) in the first half of 2019.

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%.

A recent study by Indonesian app research agency Snapcart shows that OVO is the most widely used e-wallet in Indonesia.

As of October 2019, OVO is officially confirmed as Indonesia's fifth largest unicorn, with a value of approximately $2.9 billion, and is Indonesia's top digital payment system based on transaction value, second only to ride-hailing company Gojek, travel service company Traveloka, and two e-commerce companies Bukalapak and Tokopedia.

OVO Main Features

Payment institution country: Indonesia

Payment type: E-wallet

Arrival time: Real-time arrival

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

Covered countries and regions: Indonesia

Supported currencies: IDR, USD

Supported settlement currencies: EUR, USD

Minimum amount per transaction: 1.0 USD/transaction

Whether to support chargeback: Not supported

Whether to support refund: Yes

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 the risks of storing cash, finding change, receiving counterfeit banknotes, 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, debit card or through selected partner merchants.

Payment Process

1. Open the OVO app

2. Scan the QR code

3. Enter the payment amount to complete the payment

PS: OVO Cash is an electronic currency that can be accessed through the OVO application and can be used for transaction payments, top-ups, etc.

OVO Points are points rewards that OVO users receive when they make transactions at various OVO partner merchants;

How to access Indonesian OVO payment?

Supporting overseas local payments has become one of the most important ways to acquire overseas users, allowing users to easily pay without changing their payment habits.

If you want to learn how to access Indonesia's local payment OVO, please visit our Payssion official website for online consultation. We do not support chargebacks, have no monthly or annual fees, support companies and individuals, and the application only takes 1-2 working days.