![]() ZaloPay is backed by VNG Corp., the country’s first unicorn, while Moca signed a deal in 2018 to operate as Grab Vietnams’ digital wallet service. So this will either be through merger or foreign investors or domestic banks.” “The one that will survive, are the ones that are able to build up a proper ecosystem and in order for them to do so, they need funding. “We have many e-payment systems and different e-wallets and only a few will survive,” Binh Nguyen, discipline lead of finance at RMIT, told Nikkei Asian Review. The digital payment solution was integrated into the VinID app. It has also partnered peer-to-peer lending startup Vaymuon to begin testing merchant and consumer lending services this year.Įarlier this year, Vingroup’s loyalty program VinID acquired digital wallet app MonPay, a product created and run by local company People Care. VIMO and mPOS founder Nguyen Hoa Binh, now chairman of NextPay, said the company is in the process of closing a US$30 million Series B funding round and aims to grow at home and expand abroad, with plans to enter Indonesia and Myanmar in 2020. It estimates it will handle US$1.5 billion worth of payments 2019. The new company, called NextPay, claims to have 1.5 million e-wallet users and more than 35,000 acceptance points across 45 cities. In June, e-wallet service VIMO and point-of-sale (POS) startup mPOS, merged and combined their operations, reports Nikkei Asian Review. ![]() Other noteworthy e-wallets in Vietnam include V-FPT, a service operated by FPT Wallet, a joint venture between FPT, the largest information technology services company in Vietnam, and the group’s online shopping unit Sendo.vn VTC Pay, a digital wallet and payment gateway by Vietnam Multimedia Corporation and Payoo, a digital payment solution operated by Viet Union.Īccording to local media citing statistics from the SBV, there are currently an estimated 4.2 million authenticated e-wallet users out of the country’s nearly 100 million people, leaving plenty of opportunities for players.ĭigital payment landscape set for consolidationīut Vietnam’s fast-growing, yet fragmented digital payment landscape, has begun witnessing the first signs of market consolidation. ![]() VNPT unveiled plans to get into the mobile payment business in January. In particular, the company has been tasked to develop a new mobile money service targeted at people in rural and remote areas that would allow users to transfer and receive money, as well as make payments via their smartphones.Īnother Vietnamese telco that’s present in the digital payment space is VNPT, which operates the e-wallet service VNPT Pay. Viettel recently announced the establishment of a new subsidiary company called Viettel Digital Services Corporation (VDS) focusing on developing its digital ecosystem. ViettelPay was launched in April by military-run telco provider Viettel. ZaloPay runs on Zalo, Vietnam’s premier chatting platform that counts more than 100 million users worldwide. The platform allows users to pay for utility bills, make money transfers via QR code, and is integrated with bank accounts for cash withdrawals or purchases. ZaloPay, developed by ZION, provides a diverse mobile wallet ecosystem that includes different types of services. According to Nguyen Ba Diep, executive vice chairman and founder of MoMo, though there are about 30 e-wallet service providers in Vietnam, only four have gained notable traction, namely MoMo, ViettelPay, ZaloPay and Moca.
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