Gojek, OVO, and Faspay Strengthen Online to Offline Payments
Transacting using financial technology (fintech) services payments increased during the corona pandemic. Even so, Gojek, OVO, and Faspay are strengthening online to offline (O2O) payment services towards the turn of the year.
Fintech payment gateway Faspay launched three new products namely Dana Usaha, Faspay API Billing, and cash withdrawal facility at Alfa Group. This complements the company’s services which consist of a system for receiving funds, sending money in bulk to working capital.
Faspay CEO Eddy Tju said the launch of cash withdrawal services at Alfa Group and API Faspay Billing was due to increased demand. “During this year, technology has become fundamental to society and there has been a shift in shopping behavior towards online,” he said, Wednesday (30/12).
Faspay also developed Faspay Billing API to target the retail sector. This allows the business actor’s system to be customized. “Payments from customers are also online and verified automatically without the need to upload proof of payment manually,” he said.
These three innovations are of course also present thanks to the collaboration with partners such as the Alfa Group for Cash Out services at the Alfa Group as well as collaboration with Koinworks for Faspay Dana Usaha services. Right at the end of 2019, Faspay received an award as the Indonesia Payment Gateway Company of the Year from an international research institute, Frost & Sullivan.
OVO Collaborates with BRI Bank to Strengthen O2O Services
Apart from Faspay, OVO strengthens O2O services by hooking up with Bank Rakyat Indonesia (BRI). The bank with the red plate signed a memorandum of understanding or M.O.U to create OVO co-brand credit card with the fintech.
“We hope that this service can open access to alternative payments and loans for users,” said Chief Commercial Officer of OVO Rajiv Chandna as quoted from a press release, last weekend (27/12). “This collaboration is expected to further open public access to financial services.”
Gojek also strengthens the O2O payment service by making a device for transactions called GoBiz Plus. This machine is similar to electronic data capture or EDC, but can accept payments based on Quick Response or QR Code codes or cards.
To make this device, Gojek is working with Bank Central Asia (BCA). “The collaboration with BCA makes GoBiz Plus different and has capabilities that other devices in Indonesia don’t have, namely an open platform,” said Gojek Co-CEO Andre Soelistyo as quoted in a press release, three weeks ago (15/12).
He said the move was in line with consumer needs and increasingly supported non-cash transactions. In addition, GoBiz Plus complements the company’s strategy to attract more Micro, Small and Medium Enterprises (MSMEs).
“MSMEs are the backbone of the Indonesian economy. Gojek has a role in supporting business actors to continue to gain access to go-digital, especially during the coronavirus pandemic,” said Andre.
Grocery Stalls are Still in High Demand by the Public
Gojek, OVO, and Faspay strengthened O2O services even though the massive community switched to shopping and transacting online during the Covid-19 pandemic. Even so, Euromonitor International 2018 research shows that the majority of Indonesians, Indians and Filipinos still like to shop at grocery stores.
It’s no wonder that payment fintech such as GoPay, OVO, and Faspay develop O2O services. Asian Development Bank (ADB) Senior Financial Sector Specialist Mohammad Sani Ismail also noted that many stalls in Indonesia adopt digital services.
The digitization of the business makes shop transactions recorded automatically, so it can become a basis for applying for credit. “This data can be accessed by banks,” said Sani at the 2020 Fintech Summit last November 2020.
This will make it easier for stall owners to access bank loans and develop their business. It will increase financial inclusion which reached 76% last year.