What Baokim does

Baokim (Công Ty Cổ Phần Thương Mại Điện Tử Bảo Kim) is a Vietnam-licensed payment intermediary headquartered in Hanoi, operating since 2010 under State Bank of Vietnam authorization. The company provides payment gateway and collection/disbursement services to merchants, connecting to 48 issuing banks and processing approximately 5 million monthly transactions worth 5,000 billion VND (~$200M equivalent). Baokim reports 45 million cumulative customers and held a 40% market share in Vietnam's collection/disbursement segment as of 2020.

The platform's core technology stack includes Baokim Plus (unified collection and disbursement platform), VietQR (QR payment product with fixed-fee pricing that lowers costs by 70-95% versus per-transaction alternatives), Baokim QRBox (payment hardware), and integrations with ERP and enterprise software via a December 2023 partnership with Tinh Van Consulting. The company has progressively layered consumer credit distribution through BNPL partnerships with Kredivo (since September 2022) and Home Credit (since February 2023), with credit limits progressively raised through 2024.

Baokim's revenue model is multi-stream: transaction-based fees on payment processing, fixed-fee QR pricing for high-volume merchants, BNPL distribution economics from partner credit providers, and enterprise contracts with anchor clients such as FPT Shop (630+ stores), Viettel Post (2,000+ billion VND/month throughput), Hoàng Hà Mobile, MediaMart, and Viettel Store. The company additionally serves 300+ educational institutions and 200+ BNPL merchants, blending enterprise anchor revenue with a long-tail SME base. Reported revenue growth of 21-30% annually with 56-67% gross margins across 2021-2023 reflects a scaling, profitable platform with regulatory license certainty through 2036.

Name

Baokim

Legal name

Công Ty Cổ Phần Thương Mại Điện Tử Bảo Kim

Website

https://baokim.vn

Company type

Private

Founded year

2010

Operating status

Operating

Headcount range

11–50 employees

Short description

Baokim is a Vietnam-licensed payment intermediary operating since 2010 under State Bank of Vietnam authorization, providing payment gateway, collection/disbursement, and QR services to merchants via 48 connected banks, with additional BNPL distribution via Kredivo and Home Credit partnerships.

Ownership category

akta.pro rank

Product category

Payment Gateway Services

NAICS

Couriers and Messengers (492)

SIC

Finance Services (6199)

akta.pro primary industry

Merchant-Integrated BNPL (Checkout POS Financing) (FSAGAIAA)

akta.pro secondary industries

BNPL Consumer Apps & Wallets (Discovery, Management) (FSAGAIAG), Buy Now, Pay Later (BNPL) Platforms (BPAMAFAG)

Keywords

• Payment gateway services
• Collection disbursement
• Buy now pay later
• QR code payments
• E-wallet services

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Payment Gateway Transaction Fees: Revenue generated from transaction fees on online payment processing through the payment gateway. Merchants pay fees for processing ATM, card, QR code, and bank transfer payments.
2. Collection/Disbursement Services: Fees from automated collection services (thu hộ) and disbursement services (chi hộ) including loan repayment collection, insurance collection, tuition collection, tax collection, and disbursement of funds to agents/partners.
3. Installment/BNPL Services: Revenue from installment payment solutions including credit card installments and Buy Now Pay Later (BNPL) services through partnerships with Kredivo, Home Credit, and other financial partners.
4. Digital Goods Distribution: Revenue from selling digital goods including phone cards, data packages, tickets, insurance, and other digital services through the platform.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels5 records

Core offering

Baokim operates one of Vietnam's longest-standing electronic payment gateways, providing merchants with end-to-end payment intermediation services spanning a unified Payment Gateway, automated Collection Support (Thu hộ) and Disbursement Support (Chi hộ), installment/BNPL financing via partnerships with Kredivo and Home Credit, digital goods distribution (phone cards, data packages, tickets, insurance), and the Baokim E-wallet. Through its API/UI/UX platform and Baokim Plus all-in-one SME portal, it connects merchants to 48+ domestic issuing banks, NAPAS, and major Vietnamese e-wallets (MoMo, Viettel Money, VNPT Money, ZaloPay), supported by the Baokim VietQR QR-code solution and the QRBox hardware device.

Product overview

Baokim is a comprehensive payment intermediary platform offering a multi-product portfolio centered around its Payment Gateway (Cổng thanh toán điện tử), the longest-established electronic payment gateway in Vietnam. The platform comprises core services including Collection Support (Hỗ trợ Thu hộ), Disbursement Support (Hỗ trợ Chi hộ), Installment payments (Trả góp), Digital Goods (Hàng hóa số), and Baokim E-wallet (Ví điện tử). Key extensions include Baokim QRBox (QR scanning device), ERP Platform (Nền tảng ERP), and the flagship Baokim Plus - an All-In-One web portal for SMEs providing integrated online payment, delivery, and digital goods services with 10-minute integration. The platform extends through Buy Now Pay Later partnerships with Kredivo (up to 50M VND credit limit) and Home PayLater/Home Credit (up to 25M VND limit), plus PaymentLink for social commerce and Baokim VietQR for instant QR payments. Integration methods include API, UI/UX, PaymentLink, and Extensions, serving businesses across banking, finance, retail, telecommunications, insurance, and e-commerce sectors.

Differentiator

Problem solved

Functional benefit

Brands

• Baokim Plus: All-In-One payment solution for SMEs and individual businesses, integrating online payment, logistics, digital goods sales, and BNPL services.
• Baokim VietQR
• Baokim QRBox
• Baokim E-wallet

Products and services

• Cổng thanh toán điện tử (Payment Gateway) Vietnam's longest-established electronic payment gateway accepting ATM cards, international cards (Visa/Master/JCB), QR codes, and inter-bank transfers via API/UI/UX connections for merchants seeking to accept online payments and digitize business operations.
• Hỗ trợ Thu hộ (Collection Support) Automated inbound collection service that helps partners identify collection items, report cash flow in real time, and collect loan repayments, sales payments, insurance premiums, tuition fees, and taxes.
• Hỗ trợ Chi hộ (Disbursement Support) 24/7 disbursement service that handles loan disbursement, payment settlement, compensation payments, commission payments, and salary/bonus distributions for partners and their agents.
• Trả góp (Installment) Installment solution enabling credit-card installments and BNPL via financial partnerships, with 0% interest promotional periods for 3/6/9/12-month terms and a minimum order value of 3 million VND.
• Hàng hóa số (Digital Goods) Digital products distribution including electricity/water bills, television subscriptions, airplane/train/bus tickets, phone and game cards, data packages, insurance, and travel tickets delivered through API/UI/UX integration.
• Ví điện tử Baokim (Baokim E-wallet) Electronic wallet linked with partners to deliver convenient consumer payment channels, seamless customer experiences, reduced operational workload, and strict cash-flow management for agents and customers.
• Baokim Plus All-In-One web portal for small retailers that bundles online payment, shipping/COD, digital-goods cross-selling, and BNPL into a single self-serve platform that can be integrated in approximately 10 minutes.
• Baokim QRBox All-in-one QR scanning hardware device that displays merchant or order QR codes on dual LED screens, supports Vietnamese voice prompts, and connects via WiFi or 4G SIM for fixed and mobile retail counters.
• Baokim VietQR Next-generation QR payment solution that lets consumers complete a transfer in approximately one second by scanning a pre-encoded QR code with encrypted account number, bank code, amount, and order information; saves 70-95% versus standard QR fees.
• Nền tảng ERP (ERP Platform) Customizable internal business management solution that helps enterprises digitize internal processes, optimize operations, reduce costs, and maximize productivity via integration with Baokim's payment rails.
• Home PayLater Buy Now Pay Later service provided in partnership with Home Credit Vietnam, offering 0% interest on installments of 1/3/6/12 months, with user credit limits up to 25 million VND and 60% approval rate for new customers.
• Kredivo Buy Now Pay Later Buy Now Pay Later service partnered with Kredivo, providing up to 50 million VND credit limits, 0% interest rates, and flexible 30-day, 3, 6, or 12-month payment terms for consumers purchasing from Baokim-integrated merchants.

Quantifiable outcome

• 40% market share in Collection/Disbursement services nationwide (2020)
• +5 more outcomes

Named customers10 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration12 records

AI capability2 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core, major and strategic.

• Home Credit Vietnam (Home PayLater)coreTechnology or Integration · 1 January 2022Partnership with Home Credit Vietnam to integrate Home PayLater BNPL solution on Baokim Plus. Home PayLater offers limits up to 25 million VND (increased from 10 million in January 2024), 0% interest for installment periods, and 60% approval rate for new customers. The solution has helped 200+ merchants increase monthly revenue.
• KredivocoreTechnology or Integration · 1 January 2020Partnership launched September 2022 for Buy Now Pay Later service integration on Baokim Plus. Kredivo provides credit solutions with limits up to 50 million VND and 0% interest rates. The partnership enables customers to make purchases and pay in installments (30 days, 3, 6, or 12 months) without credit cards. Kredivo is operated by FinAccel, a Singapore-based fintech unicorn backed by major investors including Victoria Park Capital, Mirae Asset, and Naver.
• FPT Shop (FPT Retail)majorChannel Partner/ Reseller/ Distributor · 1 January 2020Partnership for bus ticket sales and payment integration. FPT Shop's 630+ stores nationwide serve as points for purchasing bus tickets through Baokim's payment system. The system provides access to 550+ bus companies and 2,600+ routes nationwide.
• Viettel PostmajorChannel Partner/ Reseller/ Distributor · 1 January 2020Partnership for logistics and payment solutions. Viettel Post uses Baokim's QR code collection service processing over 2,000 billion VND monthly in e-commerce collections. The automated system enables real-time reconciliation and fund transfers, serving as a model for Vietnam's logistics industry.
• Tinh Van Consulting (Tinh Vân)strategicStrategic or Co-development PartnerStrategic partnership signed December 2023 for comprehensive cooperation in payment solutions and resource sharing. Initial collaboration integrates vehicle insurance and digital payment services on Tinh Van's HiStaff application. Plans include salary disbursement solutions and further integration of digital products and services.
• ToranomajorChannel Partner/ Reseller/ DistributorFashion retail chain partnership for Baokim VietQR payment across nationwide stores. The QR solution saves 70-95% on payment fees compared to previous solutions, with customers completing payments in just 1 second.
• GOLDSUNFOODmajorChannel Partner/ Reseller/ DistributorPartnership with leading FnB company for Baokim VietQR payment across 13 restaurant chains including King BBQ, ThaiExpress, Seoul Garden, Capricciosa, Tasaki BBQ, Meiwei, Khao Lao. Saves 75-90% on payment processing fees.
• Di Động Thông MinhmajorChannel Partner/ Reseller/ DistributorPartnership for comprehensive payment solutions including BNPL options. The smartphone retail chain (17 franchise stores + 4 service centers) selected Baokim for its dedicated service and human-focused partnership approach.
• 48+ Banks (ATM/Card Network)coreTechnology or IntegrationConnected issuing banks enabling ATM card payments, international card payments (Visa/Master/JCB through 25 banks), and inter-bank transfers. Supports QR code payments from 52 domestic banks.
• E-wallets (MoMo, Viettel Money, VNPT Money, ZaloPay)coreTechnology or IntegrationIntegration with major Vietnamese e-wallets expanding payment method options for customers and merchants using Baokim's payment infrastructure.
• NAPAScoreTechnology or IntegrationConnection with NAPAS (National Payment Services Corporation) for payment network services and recognition as 'Dynamic Member' for contributions to Vietnam's digital payment ecosystem.

Scale indicators11 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• ZaloPay: E-wallet and payment platform from VNG/Zalo in Vietnam supporting QR, bank transfers, and merchant payments. Directly overlaps Baokim's e-wallet, QR, and merchant payment services for Vietnamese consumers and SMEs.
• 1Pay: Vietnamese payment gateway offering online payment, bank transfer aggregation, and merchant services to SMEs and e-commerce. Closest head-to-head competitor to Baokim Plus in the Vietnamese payment gateway space.
• MoMo: Vietnam's leading super-app e-wallet with tens of millions of users and a broad payment, lending, and merchant services offering. Comparable to Baokim in e-wallet, BNPL, and payment gateway services, but with much stronger consumer positioning.
• VNPay: Vietnam's largest payment gateway and QR network connecting 40+ banks and millions of merchants. Directly comparable to Baokim in payment gateway, QR, and merchant acquiring, with significantly larger scale and consumer brand recognition.
• VNPT Money: State-owned telecom VNPT's e-wallet and payment service offering bank transfers, bill payment, and merchant acquiring. Overlaps with Baokim's e-wallet and collection/disbursement services, especially in telco and education verticals.
• NganLuong (NLPay): One of Vietnam's earliest online payment gateways (acquired by NextTech Group) providing payment and escrow services. Closely comparable to Baokim's founding-era payment gateway positioning for e-commerce merchants.

Emerging players

• Home Credit Vietnam: Vietnamese arm of Home Credit Group providing consumer finance and BNPL (Home PayLater) through merchant integrations. Comparable on the BNPL distribution side, but as a BNPL provider partnered with Baokim rather than a payment gateway.
• Kredivo (FinAccel): Indonesia-headquartered digital lending and BNPL provider operating in Vietnam with limits up to 50M VND. BNPL capability and merchant integration model comparable to Baokim's BNPL offering, though Baokim distributes it rather than competes.

Broad incumbents

• Adyen: Global unified payments platform offering online, in-person, and platform payment processing with multi-method acquiring. Comparable in core payment gateway infrastructure and value-added services (BNPL enablement, reconciliation) though at global enterprise scale and Vietnam limited presence.
• Viettel Money (ViettelPay): E-wallet and payment platform from military-backed Viettel Telecom, leveraging Viettel's nationwide infrastructure including Viettel Post logistics. Comparable to Baokim's e-wallet, QR, and partner-distribution model with a structurally larger distribution footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UClE7ynN5eChbVJnZmEoJSFw
• Facebookfacebook.com/baokimjsc
• LinkedInlinkedin.com/company/baokim

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds1 record

Investors1 record

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 Baokim