Ovo is Indonesia’s top e-wallet app, study claims

Ovo is the most used app-based digital wallet in Indonesia, according to a new study from Snapcart, an Indonesian app-based research agency. The research found that 58% of respondents chose Ovo as their “favorite app-based digital wallet.”

Gojek’s Go-Pay comes in second with 23%, followed by Dana (6%) and LinkAja (1%).

The Ovo app / Photo credit: Ovo

Tech in Asia has reached out to Ovo for comment. When presented with the Snapcart study, a Gojek spokesperson stated that “numerous third-party research studies have confirmed Go-Pay’s market-leading position.”

Ovo, which is linked to the Grab app in Indonesia, is also the top choice for online transport and food delivery transactions, combined – it was chosen by 71% of respondents, compared to 29% for Go-Pay. Separate figures for online transport and food delivery were not released.

Additionally, Ovo is the top choice for retail transactions with 63%, followed by Go-Pay (28%), Dana (7%), and LinkAja (1%). It’s also the top choice for ecommerce transactions with 70%. Go-Pay follows with 18%, and then Dana with 11%. Ovo is affiliated with homegrown giant Tokopedia.

According to Snapcart’s Eko Wicaksono, the study was done through an online quantitative survey of 1,800 respondents in six major Indonesian cities – Greater Jakarta, Surabaya, Bandung, Medan, Palembang, and Makassar – on May 2019.

Race to become the market leader

Both Ovo and Go-Pay have previously claimed to be the market leader in Indonesia. In an interview with Tech in Asia, CEO Jason Thompson claimed that Ovo is present in 115 million mobile devices in the country. That constitutes more than 60% of Indonesia’s total mobile devices, based on estimates from data research firm Statista.

Thompson has partly attributed Ovo’s rapid growth to its open ecosystem, which allows it to integrate with the likes of Grab and Tokopedia, while also operating a standalone app. He has credited the partnerships with both companies as an inflection point in Ovo’s growth.

According to Spire Consulting research from earlier this year, Gojek continues to lead in two-wheeled transport in Indonesia, while Grab leads in four-wheeled transport. For online food deliveries – which Gojek CEO Nadiem Makarim has cited as the company’s “core business” – 35% of respondents said they used Gojek’s Go-Food, while 28% said they used GrabFood.

Banners showing payment apps’ cashback promos at a Jakarta mall / Photo credit: Tech in Asia

Another key growth driver is each e-wallet’s acceptance in offline retail. Ovo is reportedly accepted at 500,000 merchants across Indonesia – partly the result of its ties with Indonesian conglomerate Lippo Group – while Go-Pay is accepted at about 300,000 merchants.

App Annie data from February 2019 shows that Ovo is Indonesia’s top fintech app based on monthly active users. However, if the Gojek app is included in the rankings, it would be number one, with Grab coming in second.