Digital Payment Report: OVO Dominates 2021 Market Share

TEMPO.CO, Jakarta - A Jakarta-based digital payment service provider, OVO, managed to attract 31 percent of Indonesians to its services which is evident in the number of transactions in 2020. This was stated in a study by the UBS Evidence Lab - an independent organization under the UBS Global Research,

According to the study that involved 3,600 respondents, this effectively means that OVO has clinched the majority market share in Indonesia. 

“We convey our appreciation for the Indonesian people,” said OVO corporate communication head, Harumi Supit, in a written statement in response to the study on February 24.

Unfortunately, OVO has not blatantly presented the complete report which includes the comparation of their market share with other digital payment providers such as ShopeePay, Gopay, Dana, up to state-owned enterprise (SOE) LinkAja.

The following is the market share comparison between 2019 and 2020, provided by data from Harumi and a report from Bank Indonesia (BI), respectively.

The digital wallet market share in 2019 is as follows: 

1. OVO: 20 percent
2. Bank Mandiri and GoPay: 19 percent
3. DANA and BCA: 10 percent
4. BRI and LinkAja: 5,8 percent
5. ShopeePay: 3,7 percent

Meanwhile the 2020 digital wallet market share based on a research by market research company Ipsos  on 1,000 respondents was: 

1. ShopeePay: 29 percent
2. OVO: 27 percent
3. Gopay: 22 percent
4. Dana: 14 percent
5. LinkAja: 7 percent

Related coverage:

TransJakarta, LinkAja Boost the Use of Digital Payments Amid Pandemic

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