ZaloPay

What ZaloPay does

ZaloPay is a Vietnamese digital payment platform operated by Công ty Cổ phần ZION (ZION Joint Stock Company), headquartered in Ho Chi Minh City and licensed as a payment intermediary by the State Bank of Vietnam under license 04/GP-NHNN. Founded around 2016-2017, the platform enables consumers to conduct peer-to-peer money transfers (free of charge), QR-code based merchant payments, bill payments, mobile top-ups, and access financial services such as savings accounts, consumer loans, and insurance products. ZaloPay is deeply embedded within the Zalo messaging ecosystem, which provides access to over 100 million users in Vietnam, and connects to 39 Vietnamese banks via VietQR and Napas interbank infrastructure, as well as 3 international card organizations (Visa, Mastercard, JCB).

The core technology stack is built on QR-code payment infrastructure interoperable with VietQR standards and Napas interbank connectivity, complemented by PCI DSS Level 1 and ISO 27001 security certifications and government-mandated biometric authentication under Decision No. 2345. The platform distributes through mobile app stores, the embedded Zalo ecosystem, an extensive QR-based merchant acceptance network spanning retail, F&B, transportation, travel, entertainment, and increasingly real estate and education verticals, and a dedicated business portal for enterprise merchant onboarding.

ZaloPay generates revenue primarily through merchant transaction fees and interchange fees from card payment processing, supplemented by affiliate referrals and revenue shares from integrated financial product partnerships (CIMB savings, Home Credit loans, LynkiD loyalty) and third-party service integrations (insurance, investment, travel). Consumer P2P transfers and QR scanning are zero-fee, making the platform's economics dependent on merchant transaction volume, financial services cross-sell, and ecosystem monetization. Strategic product launches in 2025-2026 include the Zalopay Priority loyalty program, a security upgrade to comply with Circular 77/2025/TT-NHNN, school fee payments, phone-number-based account identification, and merchant hardware (Zalopay Box V4).

Name

ZaloPay

Legal name

Công ty Cổ phần ZION

Website

https://zalopay.vn

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ZaloPay is a Vietnamese digital payment platform licensed by the State Bank of Vietnam, enabling consumers and merchants to conduct free peer-to-peer transfers, QR-code payments, bill payments, and integrated financial services across 39 banks and a nationwide merchant network, leveraging the 100M+ user Zalo messaging ecosystem.

Ownership category

akta.pro rank

Product category

Mobile Payments

NAICS

Financial Transactions Processing, Reserve, and Clearinghouse Activities (52232), Financial Transactions Processing, Reserve, and Clearinghouse Activities (522320)

SIC

Finance Services (6199)

akta.pro primary industry

QR Code Payments Wallets (FSAMAEAC)

akta.pro secondary industries

QR Code & Alternative In-Store Acceptance (QR, APMs) (FSAMADAH), Digital Payments & Money Movement (ACH/SEPA/FPS, Bill Pay, P2P) (FSAGAAAF)

Keywords

• Mobile payments
• Digital wallet
• Peer-to-peer transfers
• QR code payments
• Payment intermediary

Headquarters

HQ city

Ho Chi Minh City

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Merchant Transaction Fees: Commission-based revenue from merchants processing card and QR payments through ZaloPay's acceptance network. Merchants pay transaction fees for payment processing services.
2. Interchange Fees: Revenue earned from card transaction processing through partnerships with international card organizations (Visa, Mastercard, JCB) on every card payment processed.
3. Financial Services Referrals: Commissions from financial product partnerships including CIMB Vietnam savings account referrals, loan partnerships with Home Credit, and other financial service cross-sell opportunities through the platform.
4. Partner Integrations Revenue Share: Referral and revenue-sharing arrangements with integrated partners including insurance, investment products, travel bookings, and other third-party services available within the ZaloPay ecosystem.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels4 records

Core offering

ZaloPay operates a Vietnamese digital wallet and mobile payment platform enabling consumers to make peer-to-peer money transfers, scan QR codes for in-store and online payments, pay bills, top up mobile phones, and access integrated financial services such as savings, loans, and insurance. For merchants, ZaloPay provides QR-based payment acceptance infrastructure, transaction processing across 39 partner banks via VietQR and Napas networks, and integration with international card networks (Visa, Mastercard, JCB). The platform is deeply integrated within the Zalo messaging application, providing seamless access to 100M+ users in Vietnam.

Differentiator

Problem solved

Functional benefit

Products and services

• ZaloPay Mobile Wallet App Digital wallet application enabling Vietnamese consumers to perform peer-to-peer money transfers (free of charge), QR code payments at merchants, bill payments (electricity, water, internet), mobile phone top-ups, and access to integrated financial services including savings, loans, and insurance. Integrated within the Zalo messaging platform with 100M+ users in Vietnam.
• ZaloPay Priority Membership Program Tiered loyalty membership program offering points redemption, cashback rewards, and tier-based benefits including dining, shopping, beauty, and travel privileges in partnership with LynkiD. Available to frequent ZaloPay users.
• ZaloPay Box V4 (Smart Speaker for Merchants) Smart speaker hardware device for merchants that announces and notifies incoming payment transactions at retail locations. New version features refreshed identity design and enhanced transaction alert capabilities.
• Cake by VPBank Digital Banking Integration Integrated digital banking services within the ZaloPay app provided through partnership with VPBank's Cake platform, enabling users to access banking products and financial services directly.
• CIMB Savings Account Integration Integrated savings account product offering from CIMB Vietnam available within the ZaloPay app, allowing users to open accounts and earn interest up to 6.3% per annum directly through the wallet.
• Merchant QR Code Payment Acceptance Merchant-facing payment acceptance service enabling Vietnamese businesses to accept QR code payments via VietQR standard and integrated card networks, with multi-bank connectivity through Napas interbank network.
• Mobile Phone Top-up Service Telecommunications top-up service enabling users to add credit to mobile phones, purchase prepaid data packages, and buy phone cards through the ZaloPay app.
• Bill Payment Service Utility bill payment service enabling consumers to pay electricity, water, internet, and apartment management fees through the ZaloPay app.

Quantifiable outcome

• Access to 100 million+ Zalo users through ecosystem integration
• +2 more outcomes

Named customers29 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration72 records

Feature5 records

Partnerships

35 partnerships are on record, tiered core, flagship and minor.

• VietcombankcoreTechnology or IntegrationMajor banking partner providing interbank transfer connectivity and payment processing through ZaloPay's VietQR and Napas integration network across Vietnam's largest state-owned bank.
• BIDVcoreTechnology or IntegrationKey banking partner among 39 connected banks enabling real-time transfers and payment services through VietQR standard integration for ZaloPay users.
• SacombankcoreTechnology or IntegrationBanking integration partner connected via VietQR and Napas networks for seamless fund transfers and payment processing within ZaloPay ecosystem.
• TechcombankcoreTechnology or IntegrationStrategic banking partner providing digital banking connectivity and payment services integration through VietQR for ZaloPay transactions.
• Cake by VPBank (LynkiD)coreStrategic or Co-development PartnerDigital banking partnership with VPBank's Cake app and LynkiD loyalty platform for integrated financial services, cashback rewards, and cross-platform financial offerings.
• NapascoreTechnology or IntegrationCritical national payment infrastructure partner enabling interbank fund transfers and fraud alerts across Vietnam's banking network for ZaloPay transactions.
• MastercardcoreTechnology or IntegrationInternational card network partner providing global payment acceptance and recognition including the Unified Wallet Pioneer Award at 2025 Customer Forum.
• Apple (Apple Services)coreTechnology or IntegrationLicensed Apple Services partner enabling integration with Apple ecosystem for payment processing and digital services delivery.
• The Pizza CompanyflagshipChannel Partner/ Reseller/ DistributorFlagship merchant partner for QR code payment acceptance, demonstrating premium brand integration within ZaloPay's F&B merchant network.
• Starbucks VietnamflagshipChannel Partner/ Reseller/ DistributorPremium F&B merchant partner enabling digital payment acceptance at Starbucks Vietnam locations nationwide through QR code integration.
• Highlands CoffeeflagshipChannel Partner/ Reseller/ DistributorMajor cafe chain partner for digital payment acceptance across Vietnam store network, driving high-frequency transaction volume.
• TikiflagshipChannel Partner/ Reseller/ DistributorStrategic e-commerce partner enabling online payment processing for Tiki's marketplace transactions and checkout integration.
• Big C GO!flagshipChannel Partner/ Reseller/ DistributorMajor retail partner providing grocery and supermarket payment acceptance at Big C GO! locations, driving essential retail transaction volume.
• LOTTE MartflagshipChannel Partner/ Reseller/ DistributorDepartment store chain partner enabling payment acceptance at LOTTE Mart locations for retail merchandise purchases.
• CGVflagshipChannel Partner/ Reseller/ DistributorCinema chain partner for ticket booking and payment integration, providing entertainment category transaction volume.
• Vietjet AirflagshipChannel Partner/ Reseller/ DistributorAirline partner for flight ticket payment processing, enabling travel booking transactions through ZaloPay platform.
• Bamboo AirwaysflagshipChannel Partner/ Reseller/ DistributorAirline ticketing partner providing flight payment integration for Bamboo Airways bookings through ZaloPay.
• Zalo (VNG)flagshipStrategic or Co-development PartnerParent ecosystem integration providing access to 100M+ Zalo messaging users and foundational platform infrastructure for ZaloPay's product-led growth strategy.
• Savills VietnamminorStrategic or Co-development PartnerStrategic partnership for property management and real estate payment solutions enabling payment services for Savills-managed properties.
• The Coffee HouseflagshipChannel Partner/ Reseller/ DistributorSpecialty cafe chain partner for QR payment acceptance, representing premium lifestyle merchant segment.
• SendocoreChannel Partner/ Reseller/ DistributorE-commerce marketplace partner enabling online payment processing for Sendo's retail platform transactions.
• Bách hóa XANHflagshipChannel Partner/ Reseller/ DistributorModern retail partner for supermarket payment acceptance at Bách hóa XANH grocery chain locations.
• Con CưngcoreChannel Partner/ Reseller/ DistributorPet and baby retail chain partner for specialized retail category payment acceptance.
• GuardiancoreChannel Partner/ Reseller/ DistributorHealth and beauty retail chain partner providing payment acceptance at Guardian pharmacy and beauty store locations.
• BeflagshipChannel Partner/ Reseller/ DistributorRide-hailing partner for integrated transportation payment services, enabling seamless mobility payments.
• AhamovecoreChannel Partner/ Reseller/ DistributorDelivery and logistics service partner for courier payment integration and shipping transaction processing.
• FPT PlaycoreChannel Partner/ Reseller/ DistributorStreaming entertainment partner for subscription payment processing and content purchase transactions.
• ComicocoreChannel Partner/ Reseller/ DistributorDigital comic and content platform partner for in-app purchase and subscription payment integration.
• VeXeRecoreChannel Partner/ Reseller/ DistributorGround transportation booking partner for bus and coach ticket payment processing.
• GotadicoreChannel Partner/ Reseller/ DistributorTravel booking platform partner for flight and hotel package payment integration.
• AgodacoreChannel Partner/ Reseller/ DistributorGlobal hotel booking partner enabling accommodation payment processing for Agoda reservations through ZaloPay.
• UniPasscoreStrategic or Co-development PartnerDigital financial services integration partner for expanding financial product offerings within ZaloPay ecosystem.
• Rau Má MixminorChannel Partner/ Reseller/ DistributorLocal F&B brand partner demonstrating SMB merchant QR payment acceptance for smaller business owners.
• TikTok ShopcoreChannel Partner/ Reseller/ DistributorSocial commerce payment integration for TikTok Shop marketplace transactions in Vietnam.
• VinpearlcoreChannel Partner/ Reseller/ DistributorHospitality and tourism partner for resort, hotel, and amusement park payment services.

Scale indicators4 records

Recent moves6 records

Expansion highlights6 records

Regional players

• GCash: Philippines' leading e-wallet offering QR payments, savings and credit. Comparable as a Southeast Asian QR-first wallet with embedded financial services, although operating in a different geography.
• DANA Indonesia: Indonesian e-wallet with QRIS-based QR payments and merchant acquiring. Comparable as an emerging-market QR wallet competing on payment interoperability and merchant breadth.
• TrueMoney (Ascend Money): Thailand/Cambodia/SEA e-wallet offering QR payments, P2P and bill pay. Comparable Southeast Asian QR wallet model serving consumers and merchants in adjacent geography.

Broad incumbents

• Paytm: India's largest payments and financial services super-app with QR merchant acceptance and embedded banking. Comparable as a scaled emerging-market QR wallet with embedded financial services ambitions.

Direct peers

• MoMo: Vietnam's largest independent e-wallet offering QR payments, P2P transfers, bill pay and embedded financial services. Directly competes with ZaloPay for the same consumers and merchants across Vietnam.
• VNPay: Vietnam's dominant QR payment gateway connecting banks and merchants through the VietQR/Napas rails. Competes head-to-head with ZaloPay on merchant acquiring and interbank payment processing.
• GrabPay (Grab Vietnam): Super-app digital wallet embedded in Vietnam's ride-hailing, food delivery and financial services. Competes on QR payments, P2P and merchant acquiring in the same Vietnamese market.
• Moca (by Grab): Vietnamese QR payment platform integrated with Grab; offers cashless payments for transport, delivery and merchants. Direct overlap with ZaloPay's QR merchant acceptance network.
• ShopeePay: E-commerce-anchored e-wallet in Vietnam with QR payments and consumer financial services. Competes for the same consumer wallet share and online/offline merchant acceptance.

Others

• VNG Corporation: Parent/operator of the Zalo messaging platform and broader ecosystem in which ZaloPay operates. Adjacent strategic enabler rather than a direct competitor, given internal alignment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@zalopay2114
• Facebookfacebook.com/ZaloPay
• LinkedInlinkedin.com/company/zalopay
• TikToktiktok.com/@zalopay.vn
• Xx.com/pay_zalo

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ZaloPay