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Cashless payment is fast becoming the norm in Vietnam, backed by growing support from the national government.
Non-cash payment transactions grew by 63.3% in January 2024 compared to January 2023, with mobile payments and digital banking leading the charge. QR code transactions, in particular, rose by 892.95%.
And with almost 80% of Vietnam's population remaining unbanked or underbanked, it's no surprise e-wallets have become so popular — they bridge this gap and fulfil consumers' need for quick, easy, and secure transactions and online payments.
Businesses looking to expand in Vietnam will want to consider ZaloPay, one of the country's most popular e-wallets. Integrating ZaloPay into your business gives you access to an extensive customer base of over 14 million users across Vietnam who trust this secure and widely accepted payment method.
Here, we walk you through everything you need to know about the ZaloPay e-wallet, from how to get started with the app to its key features and benefits.
What is ZaloPay?
Founded in 2016, ZaloPay is the financial services arm of Vietnam's tech unicorn, VNG Corporation. It is one of Vietnam's most popular e-wallets, cornering a 53% market share thanks to its over 14 million users. Its focus on user experience and strategic partnerships further solidifies its position as a market leader.
What's the secret to ZaloPay's continued success? Aside from being a standalone e-wallet, it also integrates seamlessly with Zalo, a popular messaging app in Vietnam. This allows Zalo users to pay bills, shop online, and even send money to friends and family straight from the app. With this integration, ZaloPay also taps into Zalo's 77.6 million active users monthly.
While primarily known as an e-wallet, ZaloPay has announced plans to transform itself into an open payment platform.
How does ZaloPay work?
Whether you're a customer or a merchant, it's easy to get started with ZaloPay. Customers only need to download the ZaloPay app, create an account, and link their bank accounts, credit cards, or debit cards to their ZaloPay e-wallet.
For merchants, signing up for ZaloPay is just as convenient: follow these steps and you'll be selling to ZaloPay users in no time.
l Register as a ZaloPay merchant through the ZaloPay website, or through an authorised integration partner like Antom.
l Offer ZaloPay as a quick and hassle-free payment method for your customers.
l Have customers scan your business's QR code, enter the payment amount, and complete the transaction.
l For e-commerce merchants, you can integrate ZaloPay into your checkout process, allowing your customers to pay with just a few taps.
What are the key features of ZaloPay?
ZaloPay has several features that make it a hit with Vietnamese consumers:
l Seamless integration with the Zalo messaging app. The ZaloPay e-wallet can be integrated with Zalo, allowing users to pay bills, shop online, and even send money to friends and family within the messaging app.
l Easy payment process. Users can link bank accounts, credit cards, or debit cards to their ZaloPay e-wallet. Aside from money transfers, users can also pay for utilities, mobile phone bills, and other services directly through the app. ZaloPay also supports QR code payments for contactless transactions.
l Free transactions. Enjoy money transfers and payment transactions free of charge. However, some transactions may incur a fee once the monthly limit has been met.
l Online shopping. ZaloPay can be integrated with major e-commerce platforms, such as Shopify, for a smooth checkout experience. Merchants can optimise their e-commerce platforms to feature ZaloPay as a preferred payment method. For example, including a "Pay with ZaloPay" button alongside other payment options can boost customer conversion rates.
l Loyalty programmes and discounts. Users enjoy exclusive promotions and rewards for every service and every partner merchant on ZaloPay. Merchants can design exclusive loyalty rewards to attract ZaloPay users, such as offering loyalty points redeemable only through ZaloPay transactions.
l Peer-to-peer money transfers. Instantly send and receive money to fellow ZaloPay users, which is perfect for splitting bills or sending gifts. Restaurants and other service-based businesses can promote this feature for group payments, such as splitting a dinner bill.
l Robust security features. For merchants, using a secure payment platform like ZaloPay builds customer trust, encouraging more people to shop with you. Here are some of the e-wallet's security features:
l Data encryption. All transactions are encrypted to prevent unauthorised access.
l Two-factor authentication (2FA). Users confirm and authorise payments through a personal identification number (PIN), one-time password (OTP), or biometrics authentication.
l PCI DSS compliance. ZaloPay adheres to global security standards for handling cardholder data and sensitive authentication data.
Why should merchants integrate ZaloPay?
In a market that's rapidly moving away from cash, ZaloPay can help your business stay ahead of the curve by providing a payment method that Vietnamese consumers know and trust.
l Enhance customer experience by offering a fast and secure payment option.
l Increase sales by catering to ZaloPay's growing customer base of over 14 million users.
l Streamline operations with ZaloPay's quick payment settlements and integration capabilities.
How can merchants integrate ZaloPay?
There are many ways to integrate ZaloPay, depending on the specific needs of your business. However, it follows this straightforward process:
- Sign up. Start by registering as a ZaloPay merchant through the ZaloPay website, or through an authorised integration partner like Antom.
- Technical integration. Then, choose an integration method that best suits your business:
- l QR code. This is ideal for physical stores. You generate a QR code for customers to scan and pay.
- l Online checkout. For online merchants, you can add ZaloPay as a payment option on your website or app. You'll receive API documentation to help with the setup.
- Testing. Don't forget to test your integration in a sandbox environment to ensure everything runs smoothly.
- Go live. Once testing is complete, you're ready to accept payments via ZaloPay.
