International Journal of Advanced Culture Technology

The International Promotion Agency of Culture Technology (국제문화기술진흥원)
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The development model of PT Visionet Internasional (OVO) in Indonesia

  • Yuhang Xia (Department of Business, Gachon University) ;
  • Yuming Liu (Department of Information Engineering, Shandong Vocational College of Light Industry) ;
  • Myeongcheol Choi (Department of Business, Gachon University) ;
  • Chuijie Meng (Department of Business, Gachon University) ;
  • Haanearl Kim (Department of Business, Gachon University)
  • Received : 2023.04.20
  • Accepted : 2023.05.18
  • Published : 2023.06.30
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Abstract

OVO is a digital platform that provides simple payments and smart financial services, as well as one of the largest digital payment platforms in Indonesia. It has wide coverage and security when making payments, and supports multiple settlement currencies. The purpose of this study is to explore the history, business model, and future strategic direction of OVO, an Indonesian e-wallet. To date, OVO has built its own mobile payment ecosystem covering a wide range of consumer scenarios including e-commerce, travel, offline shopping and finance. And it supports mobile banking, online banking, debit cards or selected partner merchants. Its three largest transaction categories are in the transportation, retail and e-commerce sectors. With over 110 million consumers and 1.3 million merchant users, it is one of the dominant e-wallets in Indonesian market and has become the country's e-payment market leader. OVO eWallet's 'One Card' model offers convenience and choice for users, thus contributing to the rapid growth of OVO eWallet. And OVO eWallet competes fiercely with other competitors, but OVO eWallet continues to grow in terms of the number of users and market share. Finally, this study analyzes the strategic goals and plans of OVO eWallet, predicts its future direction. OVO eWallet has a huge success, but there are still competition and challenges to face.

Keywords

Acknowledgement

This work was supported by the Ministry of Education of the Republic of Korea and the National Research Foundation of Korea (NRF- 2021S1A5A2A03062128).

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