OY! is an all-in-one payment aggregator with cash processing services connected to a cashless ecosystem.
Problem
- Inefficient transfers and high costs: In Indonesia, money transfers between two parties are slow and expensive due to multiple intermediaries, including third-party processors and government bodies. Transfers typically cost $0.50 each, which adds up for frequent transactions.
- Slow processing time: Payments can take up to 2 days to complete, with no support for off-hours or weekend transfers.
- Complicated process: Transfers require over 30 clicks, making the process unnecessarily cumbersome. Additionally, if any party in the chain fails to process the transfer in time, the entire transaction fails, causing headaches for consumers and businesses alike.
Solution
OY! directly integrates with banks, e-wallets, and offline players, making it Indonesia’s first API library and core aggregator of payments. The benefits include:
- Lower costs: OY! reduces transfer fees to just $0.10 per transaction.
- Real-time processing: Payments are processed nearly instantly, 24/7, including weekends and off-hours.
- Simplified transfers: The platform significantly improves ease of use, allowing consumers to make payments using just a phone number. Businesses leverage the platform’s B2B APIs for large-volume payments, streamlining the transfer process for faster and more reliable transactions.
Media Links
Type
Focus Area
Enterprise and Sustainability
Capital Raised (US$)
21M to 50M
Operational HQ
Indonesia
Sector
Finance & Insurance
status
Current
founders
Hilfi Alkaff, Jesayas Ferdinandus
partnered
2019
exited
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