OY! Indonesia Has Evolved into a Smart Financial Application

Mobile transactions in Indonesia continue to accelerate and enter the peak of its glory. One of them can be seen from the increasingly massive use of digital financial applications throughout 2019.

Until the first semester of 2019, Bank Indonesia recorded the volume of electronic money transactions had reached 2.7 billion with a transaction value of Rp 69 trillion. In the other hand, had exceeded the value of electronic money transactions throughout 2018. Due to the increase in electronic money transactions is in line with the National Non-Cash Movement (GNNT) program that has been launched by the Government since 2014.

Today the public is quite familiar with various forms of digital financial products from banking and fintech, the many promotions in the form of discounts and cashback encourage penetration of the use of digital financial applications, especially in the urban and millennial.

That pushed OY! Indonesia, the original application from Indonesia which for the past three years has been operating has evolved into a convenient financial solution used to manage everyday financial transactions and is the answer for smart spenders.

Furthermore OY! Indonesia offers freedom of transactions between bank accounts. Simply by connecting (connecting) a bank account or debit card, users can carry out various activities including transfers between bank accounts without administrative costs and without the hassle of going back and forth to an ATM. With this feature, users can make bank transfers in 3 easy ways: Debit Card, Manual Pay, and Virtual Account.

In addition, through the OY! Users can top-up e-wallets for free and also make all routine bill payments without fear of skipping because they have not paid.

Users can not only pay bills but can also ‘charge’ other people to ask ‘pay joint ventures’ to other people. The rise of fintech services in Indonesia has led to differences in bank account choices, requiring users to pay administrative costs when making transfers.

OY! Has Worked with several Well-known Fintech

OY! hook a line of famous fintech to alleviate the problems that are often faced everyday. For example E-wallets such as Go-Pay, FUND, E-Money, Paytren, Doku, XL Cash, NU Cash, and Mobile Accounts are now OY! Indonesia.

As personal financial management that has been licensed and overseen by Bank Indonesia, OY! safety is guaranteed. The users do not need to worry because all of their financial data will only be stored by the bank.

Jesayas Ferdinandus as the CEO of OY! Indonesia revealed, going forward OY! Indonesia can become a platform that offers one-stop financial solutions with the #BeSmartBeOy theme.

“Our long-term goal, OY! Can increase financial literacy that can drive the progress of the national economy,” he added.

This Startup has been Present in Indonesia since 2017

Prioritizing chat features that are claimed to be in high demand by users, the OY! claimed to be able to cut down the difficulties associated with interbank transfer activities which are currently incomplete and still must be done separately.

OY! present in 2017 and has 70 thousand active users who continue to grow, and serve more than 40 cities in Indonesia. Since then, OY! has been downloaded more than 500 thousand times.

To present a seamless process and guaranteed safety, OY! Indonesia has partnered with various banks operating in Indonesia. Banks that are now integrated with OY! among them are Bank Mandiri, BNI, funded by DBS, CIMB Niaga, and Jenius (BTPN). While BCA, Bank Permata, BRI, West Java Bank, East Java Bank, and BTN have also been able to receive funds transfers.

In 2018, OY! utilizing technology from DOKU as a payment gateway. Therefore, utilizing a license that DOKU already has, makes it easy for applications like OY! to make transfers between users’ bank accounts. The technology applied by DOKU is the infrastructure that meets the Payment Card Industry Data Security Standard (PCI DSS) standards.