Vietnam is one of Southeast Asia's most dynamic emerging markets, with a population of nearly 100 million and an average age of just 32. Backed by steady economic growth and a youthful, vibrant consumer base, the country has become a rising star in the region. Against this backdrop, Vietnam's digital payments market, particularly the e-wallet segment, has flourished, fuelled by the continued boom in e-commerce.
According to data from FiinGroup, a leading local financial analytics provider, Vietnam's e-wallet sector recorded exceptional growth between 2018 and 2023, with transaction volume and value increasing at compound annual growth rates (CAGR) of 80.4% and 83.5%, respectively. By 2021, digital payment adoption had accelerated significantly, with e-wallet penetration approaching 60%. In major urban centres such as Hanoi and Ho Chi Minh City, adoption of e-wallets, such as ZaloPay, is even more pronounced, with over 60% of users regularly using multiple e-wallet apps. Statista data further highlights this growth momentum: the number of active e-wallet users surged from 18.3 million in 2020 to 36 million in 2023, and is projected to exceed 50 million in 2024, representing nearly 40% year-on-year growth. This underscores the rapid adoption of digital payment methods across Vietnam.
Amid intensifying competition, ZaloPay has established itself as a leading player in the market. Launched in 2016 by VNG Corporation, it is now one of the most widely used e-wallets in Vietnam. According to Statista (Q2 2024), ZaloPay ranks second in user share, only behind MoMo. The platform offers a comprehensive suite of mobile payment services, including online shopping, bill payments, donations, and peer-to-peer transfers. ZaloPay's growth is particularly significant in a market where financial inclusion remains limited: around 70% of the population is unbanked, and only 4% hold credit cards. Against this backdrop, e-wallets play a critical role in enabling digital transactions and supporting online commerce expansion. To date, ZaloPay has approximately 15 million registered users, with around 5 million monthly active users.
A key driver of ZaloPay's success is the broad ecosystem of its parent company, VNG. With businesses spanning online gaming, the widely used social platform Zalo, and cloud services, VNG provides ZaloPay with direct access to a large, digitally engaged user base. Leveraging Zalo's reach, ZaloPay is able to effectively target urban, young, and high-spending consumers, making it an increasingly essential payment option for merchants seeking to grow in Vietnam's digital economy.
In terms of compliance, ZaloPay operates under a licence issued by the State Bank of Vietnam, ensuring full compliance as a payment intermediary. The platform has partnered with 39 banks and financial institutions, as well as three major international card networks. Users can seamlessly transfer funds between bank accounts and e-wallets anytime, enabling a fast and convenient digital payment and fund management experience.
The following table lists the product properties supported by ZaloPay:
|
Payment type |
Digital wallet |
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|
Funding source |
Wallet balance, bank account |
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|
Acquirer |
AntomSG |
Merchant entity location |
SG, HK |
|
Payment flow |
Redirect |
Refund |
✔️ |
|
Buyer country/region |
Vietnam |
Partial refund |
✔️ |
|
Processing currency |
VND |
Chargeback/Dispute |
❌ |
|
Minimum payment amount |
VND 1,000 |
Refund period |
180 days |
|
Maximum payment amount |
VND 50,000,000; VND 100,000,000 per month |
Time to return payment result |
Real-time |
|
Default timeout |
14 minutes |
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Note: The following payment flows on different terminals are for reference only. For supported merchants' terminal types, consult Antom Technical Support.
The following screenshots show the journey of paying with ZaloPay:
App/WAP
1. The buyer selects ZaloPay on the merchant's PC browser.
2. The buyer obtains the payment QR code.
3. The buyer opens QR scan on ZaloPay or Zalo.
4. The buyer gets the payment result and optionally changes the source of funds for payment.
5. The buyer authorizes the transaction with a fingerprint or passcode.
6. The buyer checks the payment result.
7. The buyer reviews the payment result on the merchant's PC browser.
ZaloPay is backed by Zalo, Vietnam's leading social platform, and is one of the country's most popular e-wallets. With over 70% user penetration and coverage across approximately 95% of mainstream online and offline payment scenarios, it offers merchants broad market access. Integration enables merchants to reach Vietnam's core consumer demographic aged 18–50, including digitally savvy online shoppers, offline consumers who prefer QR code payments, and users in lower-tier markets connected through Zalo's social ecosystem. These segments are characterised by high transaction frequency and strong spending intent, helping merchants accelerate market entry and expand their high-value customer base.
No. Creating a ZaloPay account requires a Zalo account and a mobile number that has not previously been linked to ZaloPay. Once registered, you can log in using either your Zalo account or mobile number.
If biometric authentication is not completed, certain services will be restricted, including:
Registration for financial services, such as postpaid accounts, interest-bearing balances, securities accounts, and quick loans;
Using wallet balances for withdrawals, transfers, or payments;
Participation in promotional campaigns.
ZaloPay employs multi-factor authentication, including payment passwords, one-time passwords, and biometric authentication such as fingerprint and facial recognition;
Advanced systems for detecting and preventing suspicious transactions;
24/7 customer support for enquiries, complaints, and assistance;
Full compliance with international security standards, including PCI DSS Level 1 and ISO/IEC 27001, along with national tokenisation requirements for card number encryption.