Type to search

Mime Stories Startup News Startups

OY! Indonesia Trials Cash Withdrawals at Retail Outlets

OY! Indonesia Trials Cash Withdrawals at Retail Outlets

The original financial solution application from Indonesia, OY! Indonesia is taking part in efforts to increase financial literacy which is able to encourage national economic progress.

The National Survey of Financial Literacy and Inclusion (SNLIK) 2019 from the Financial Services Authority (OJK) said the financial literacy index in 2019 reached 38.03 percent. This figure is an increase compared to a similar survey in 2016 which touched 29.7 percent.

Therefore, the government consistently encourages financial institutions, especially banks, to carry out a number of programs as part of efforts to increase financial inclusion and develop their products and service quality so that they can reach all levels of society in Indonesia.

OY! Indonesia Trials Cash Withdrawals at Retail Outlets

Not only encouraging the penetration of the use of digital financial applications, especially among urbanites and millennials but now it also makes it easier for people in areas where ATM machines are rarely found, making it difficult to withdraw cash.

“OJK said that in 2019 only 60 percent of the adult population had an account, even though, receiving and sending money has become part of people’s daily lives. OY! Indonesia is currently conducting trials to realize cash withdrawals that can be done at retail outlets,” said Jesayas Ferdinandus, CEO at OY! Indonesia in a written statement.

Comes as a New Feature in the Application

Without the hassle of looking for an ATM machine, said Jesayas, users can now make cash withdrawals at retail outlet cashiers by using the new feature in the OY! Application.

“Now cash withdrawals are no longer limited to the location of ATM machines which are often difficult to find, especially in remote areas. As an administrative fee, the sender will be charged five thousand rupiahs,” said Jesayas.

OY! Indonesia Trials Cash Withdrawals at Retail Outlets

With the pandemic condition that is still far from over, playing games can be an activity to fill spare time as well as help reduce the spread of the Covid-19 virus. This is also encouraged by the World Health Organization (WHO), which says that video games not only help the social distancing process but also help people stay connected virtually.

Besides, OY! Indonesia also collaborates with UniPin to present game voucher products. You can buy game vouchers easily through the top-up feature on the OY! application. Each game voucher provided also has a package (quota) that can be adjusted according to user needs.

Jesayas hopes that the trial of the cash withdrawal feature without an ATM machine and the purchase of game vouchers will make people’s daily lives easier in the midst of the Covid-19 pandemic.

Top-up the e-Wallet Balance

Mobile transactions in Indonesia are experiencing a rapid increase. The massive use of digital financial applications throughout 2019 is one of these indicators. OY! Indonesia, among others, offers freedom of transactions between bank accounts.

Users can perform various activities such as transfers between bank accounts without administrative fees, simply by connecting a bank account or debit card. Users can make bank transfers in three easy ways: Debit Card, Manual Pay, and Virtual Account.

OY! Indonesia Trials Cash Withdrawals at Retail Outlets

In addition, OY! allows users to top up digital wallets (e-wallets) for free and make regular bill payments. Users can also “charge” or request “co-pay” from other people. The rise of fintech services in Indonesia has led to different bank account choices. This results in some users being charged an administration fee when making transactions.

Therefore, OY! hooked up a series of well-known fintech services such as Go-Pay digital wallets, DANA, E-Money, Paytren, Doku, XL Tunai, NU Cash, and Rekening Ponsel which are now OY partners! Indonesia. OY! guaranteeing the security of its services because it has a license and is supervised by Bank Indonesia.

“We hope that in the future OY! Indonesia can become a platform that offers one-stop financial solutions with the theme #BeSmartBeOy, as well as our long-term goal, OY! To increase financial literacy that can drive national economic progress,” said Jesayas Ferdinandus in his statement.