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Fintech payments triumph as GoPay, OVO dominate scene
Only 21.5 percent of Indonesians are aware of P2P lending, which is regarded by many as the driver of financial inclusion.
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Staffs sit the OVO Corner at Lippo Kuningan Building in South Jakarta on Oct. 8, 2018. (Antara/Arindra Meodia)
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igital payments are the most popular type of financial technology (fintech) service for Indonesians, followed by investment and pay-later services, a study has found. Meanwhile, the public's awareness of peer-to-peer (P2P) lending remains low.
A report titled "Fintech Report 2019" published on Tuesday found that 82.7 percent of Indonesians were aware of digital wallet platforms, while 62.4 were aware of digital investment and 56.7 percent of pay-later services.
Only 21.5 percent of Indonesians are aware of P2P lending, which is regarded by many as the driver of financial inclusion.
"This proves that people consider digital wallets, investment and pay-later [services] as popular financial products relating to technology," the report, published by state-owned PT Bank Rakyat Indonesia (BRI) and its investment arm, BRI Ventures, and conducted by DS Research, states.
The study, which involved 1,500 respondents nationwide, also found that GoPay outperforms OVO in terms of digital payment use, although awareness of OVO was higher than that of GoPay.
As much as 99.5 percent respondents are aware of payment app OVO, slightly higher than the 98.5 percent who are aware of GoPay. However, 83.3 percent of respondents use GoPay, compared with 81.4 percent who use OVO.
The study is largely in line with Indonesia Fintech Association (Aftech) data as the latter recorded fintech transactions reaching US$15 billion in 2017 with 32 percent of contributions from digital payments, followed by 17 percent from digital investments and 15 percent from lending.
