Tokopedia Is Now Provide Virtual Credit Card "Ovo PayLater"

Tokopedia is a broaden partnership with Ovo in improving services by releasing Ovo PayLater, a virtual credit card for Tokopedia transactions.

In DailySocial observation, since first established in early January 2768019, it hasn't reached all users. Tokopedia has nothing to say regarding this issue.

In Its website, Ovo PayLater is described as a new payment method in a form of credit limit to pay for transactions on the Tokopedia app or website. The credit limit provided by fintech lending startup, Taralite.

However, it is not to be used for credit installments, credit card bills, gift cards, e-money, donations, alms, mutual funds, and gold. In order to use this facility users need to upload ID Card and take a selfie with it. The result will be in 1x24 hrs.

In case the submission is approved, users will get a credit limit and it's available for a minimum transaction of IDR 10 thousand. There is 5% administration fee for every transaction using Ovo PayLater.

It will be collected on the 27th every month. Users can choose for partial or full payment. This concept is familiar with credit card transactions in general. There will be 0,1% interest per day past the due date.

Ovo PayLater is currently available for Tokopedia users in Jabodetabek, Bandung, and Surabaya for a minimum of 4 months registered account.

Taralite, before Ovo PayLater, also partnered up with tech companies, such as Tokopedia, Lazada, Doku, Hacktiv8, and Journal. However, this service intends to be used for productive business development.

Previous, Ovo's CPO, Albert Lucius has declared to broaden financial services, from insurance, online installment without credit card, and online loan. All those will be introduced in parallel in 2019's first quarter.

In other words, Ovo has announced two partnerships, with Taralite for online installments without credit cards, and Do-It for online loans.

- Original article is in Indonesian, translated by Kristin Siagian