OVO Transaction by SMEs More Than Doubled in 2021: Survey

TheIndonesia.id - Leading digital payment service in Indonesia, OVO, said transactions made by small-and-medium enterprises (SMEs) through the platform has more than doubled in 2021, making it one of the most-preferred payment platforms in Indonesia.

Head of corporate communication at the unicorn Harumi Supit said that collaboration with SMEs is one of the fintech’s focuses, and the company aims to further accelerate digital financial inclusion in the country through its innovations.

“By believing in and implementing an open ecosystem, we always welcome collaboration with every industry, including SMEs. Hopefully, we will able to create more positive impacts to support government’s effort to reach digital financial inclusion in Indonesia,” Supit said in a statement on Thursday, December 23.

According to her, daily transaction made by SMEs increased by up to 70 percent in 2021. Survey also showed that 84 percent of SMEs said they benefited from OVO’s market access expansion, technology adaptation, non-cash transaction option, and promotions. These strategies, SMEs said, help them in surviving the COVID-19 pandemic.

Meanwhile, 55 percent of those surveyed found OVO to be very easy to use.

The survey, conducted by Kadence International, also studied the reason for use of OVO. 71 percent of respondents said they use the platform because it can connect to many other applications and online merchants. 67 percent said they use OVO because they can transfer balance to bank accounts, and 66 percent said they consider the platform to be convenient to use.

Supit added that OVO has been working with a number of e-commerce platforms to provide new payment option for customers. Bukalapak, JD.DI, Google Play, Blibli, Lazada, Sayurbox, and Zalora are among OVO’s partners.

In 2021, OVO made several innovations to reach the unbanked and underbanked. The company collaborated with one of the largest banks in Indonesia BCA, so now customers can cash out their OVO balance in every BCA ATM in Indonesia.

Offline top-up has also been made possible in various partners, including Indomaret, PT Pos Indonesia, Lotte Mart, Bukalapak partner, Fastpay agent, and Bank Mandiri agent.

To complete its series of services, OVO also offers affordable investment and insurance products.