The Send Money Feature Becomes the Favorite of DANA E-Money Platform Users

As a digital e-money platform, DANA claims the send money feature is a favorite of its users. There are recorded more than 350 million total transactions using the Send Money feature with an average of 30 million transactions per month.

To DailySocial.id, DANA Chief of Product Rangga Wiseno revealed, based on the number of transactions year-on-year by category, the transfer feature (Send Money) has the highest transaction growth rate. Other popular features are Offline Payment (QR) and Bill Payment.

"Based on our records, more and more users feel comfortable using the transfer feature more than 10x per month. This trend is also offset by the growth of transfers between DANA users. Many users choose to receive money in DANA accounts because of the flexibility to move money to any destination. (bank, cash, or other digital wallet)."

To accelerate the trend and support digital financial inclusion, DANA supports the implementation of BI-Fast by implementing a reduction in bank transfer fees (excluding 10 free transfers) from IDR 4.500 to IDR 2.500. Favorite destination is done between users (peer-to-peer), either through mobile phone numbers, links, or DANA Shocked. While the next favorite destination is occupied by transfer to a bank account.

"We also have several plans to add a choice of new destinations in 2022. Currently, these plans are in the development and integration stage," said Rangga.

Regarding the company's monetization strategy for this superior feature, Rangga was reluctant to elaborate further.

This year they plan to make this transfer feature more inclusive and easier frequent users make regular transfers and provide a more personalized experience.

Do a feature update

In order to provide better service when making money transfers, the company is updating its remittance feature. DANA made several updates, both in internal systems and integration with external parties (banks or companies switching). The result is that 99,95% of transfer transactions are sent automatically real-time.

"For a more optimal digital transaction experience, for 0,05% of pending transfers we have also added a feature to monitor service status and provide a Resolution Center in the DANA application. Complaints will be handled quickly by our Customer Service," said Rangga.

DANA also increases the scope of transfers outside the ecosystem, such as cardless cash withdrawals at all BCA ATMs or transfers to other payment service providers who are members of QRIS TTS (Withdraw, Transfer, and Deposit).

"Departing from these problems, we redesigned the Send Money feature by simplifying 40% of the steps needed to make transactions and adding some details such as Add to Favorite and also single interfaces to search for transfer destinations. The result, conversion rate from the number of clicks to the completed transaction, up to 28% for the latest version of the transfer feature," concluded Rangga.