1. Startups

Interbank Transfer Service Competition: Flip vs OY!

The two businesses overlap each other

Flip and OY! rivalries, such as positioning Grab vs Gojek, Traveloka vs Tiket, Gopay vs OVO, or Tokopedia vs Shopee. They are both experts in the segment of interbank fund transfer services (interbank) at no cost. Flip has been operating since the end of 2015, while OY! do the pivot, the start-up business as instant message, of 2017.

Both have been licensed by Bank Indonesia as a fund transfer service. Interestingly, in this list, according to monitoring DailySocial, just Flip and OY! who play in domestic interbank fund transfer services. The rest is controlled by companies that play in the remittance business.

According to data from Bank Indonesia, over the past year, the volume of domestic transactions was recorded at more than 218,89 million with a nominal value of Rp. 84,47 trillion. The remittance business itself recorded 37,7 million transactions with a value of Rp90,67 trillion. This almost balanced figure is surprising considering that in 2018 the remittance business far dominated with a nominal value of IDR 177,1 trillion compared to domestic IDR 32,71 trillion.

Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again

Sign up for our
newsletter

Subscribe Newsletter
Are you sure to continue this transaction?
Yes
No
processing your transactions....
Transaction Failed
try Again