n the vibrant land of Indonesia, the digital payment sector is booming, and OVO, as one of the leaders, has become an indispensable part of Indonesians' daily lives.
OVO was established in 2017 by the Lippo Group in Indonesia. The Lippo Group, as one of the large consortia in Indonesia, has made a large number of investments in industries such as retail, media, real estate, banking, natural resources, hotels, and healthcare, providing strong resource support for the development of OVO. At the beginning, OVO was a payment application in the shopping centers under the Lippo Group, providing consumers with payment, point redemption, and financial services. With the influence of the Lippo Group, OVO was quickly promoted in shopping centers, coffee shops, cinemas, department stores, and other places across Indonesia.
After obtaining the operating license as a fintech company and the e - money business license in Indonesia, OVO started a rapid development process. It has continuously expanded its business scope and established its own mobile payment ecosystem, covering multiple consumption scenarios such as e - commerce, transportation, offline shopping, and wealth management. Now, OVO's business has covered 405 cities and regions in Indonesia. Whether in the bustling Jakarta or on remote islands, OVO can be seen. Its wide coverage has enabled Indonesians to enjoy convenient cashless payment services.
OVO's cooperation strategy has also strongly promoted its development. In December 2017, OVO cooperated with Grab, an online ride - hailing service provider. This cooperation enabled OVO to enter the most popular ride - hailing scene in Indonesia. With the development of Grab, OVO has gradually emerged in the Indonesian food and beverage payment field. In October 2018, OVO established a cooperation with Tokopedia, an Indonesian e - commerce unicorn, and replaced Tokocash as its official e - wallet. This measure has significantly increased the monthly active users of OVO. Through cooperation with these large platforms, OVO has successfully integrated its services into the daily lives of Indonesians.
In terms of financial services, OVO has also continuously explored and innovated. At the beginning of 2019, OVO acquired Taralite, a local P2P lending company, and began to provide online lending services to merchants and consumers. In March of the same year, it cooperated with Bareksa, an Indonesian online wealth management platform. Users can conduct wealth management and investment through the Bareksa platform, with an annual yield of about 5% - 6%. The addition of these financial services has further enriched the functions of OVO, making it not just a digital payment tool but a diversified financial platform.
OVO's advantages are also reflected in its convenient recharge methods and promotional activities. Users can recharge through ATMs, mobile banking, online banking, debit cards, or selected partner merchants. At the same time, OVO provides users with exclusive offers and promotional activities. Users can also obtain OVO Points rewards during transactions, and these points can be used for subsequent consumption.
Although OVO has also faced some challenges during its development, such as fierce market competition and changes in regulatory policies, it has occupied an important position in the Indonesian digital payment field by virtue of its strong background, innovative business model, and high - quality service. With the continuous development of Indonesia's digital economy, it is believed that OVO will continue to play an important role and bring more convenient and efficient financial services to Indonesians
