Gpay

What Gpay does

Gpay is a Vietnam-licensed payment intermediary that operates an API-first payment platform serving enterprises, small merchants, and individual consumers across Vietnam. Founded in 2018 as part of the G-Group Technology Corporation ecosystem, Gpay obtained its Payment Intermediary Service License (No. 37/GP-NHNN) from the State Bank of Vietnam on April 15, 2020, authorizing it to provide electronic payment gateway, collection/disbursement, and electronic wallet services. It is one of only 39 licensed payment intermediaries in the country.

The company's product portfolio spans three pillars: (1) Gpay Business — a payment gateway with single API integration supporting nearly 40 domestic banks plus Visa/MasterCard, alongside a 24/7 collection/disbursement service for automated payouts; (2) Gpay Shop — merchant-facing tools including Payment Link, QR Payment, POS terminals, and 0% interest installment conversion across 20+ banks and financial institutions; and (3) Open Wallet, a white-label embedded wallet SDK/API for businesses wanting to embed e-wallet functionality into their own applications. The platform is certified at PCI DSS Level 1 and includes an NFC-based CCCD (Vietnamese citizen ID) verification module that authenticates chip-based identity documents against the Ministry of Public Security's RAR center. Named enterprise customers span financial services (PingPong, Tima, F88), travel (Vntrip), transportation (XE Vietnam), media (VTV, FPT), healthcare (Polyvac), and entertainment (Beat, Hanet).

Gpay monetizes primarily through transaction fees, with payment gateway rates starting from 0.88% per transaction, and earns additional take-rate revenue from POS, Payment Link, Collection/Disbursement, and Installment services. Distribution combines enterprise direct sales via API integration with self-serve product-led adoption for SMBs and consumers via mobile apps on iOS and Android. The company has raised a Series A of 300 billion VND (~13 million USD) from Korea's KB Financial Group at a post-money valuation of 425 billion VND (~18.5 million USD), and participates in the KB Fina joint venture alongside its parent G-Group to extend into comprehensive digital financial services for Vietnamese consumers.

Name

Gpay

Legal name

Công ty Cổ phần Thanh toán G

Website

https://g-pay.vn

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Gpay is a Vietnam-licensed payment intermediary operating an API-first platform that enables enterprises, merchants, and consumers to process card payments, QR transactions, and disbursements. The company serves 1,000+ businesses and 500k+ e-wallet users across the G-Group ecosystem.

Ownership category

akta.pro rank

Product category

Payment Processing & Fintech Infrastructure

NAICS

Credit Card Issuing (52221)

SIC

Finance Services (6199)

akta.pro primary industry

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA)

akta.pro secondary industries

A2A Payment Initiation Service Providers (PISPs) (FSAMAFAB), General-Purpose Digital Wallets (P2P + Merchant) (FSAMAEAA), Stored Value Ledger / Wallet Infrastructure (Non-Bank) (FSAMANAM)

Keywords

• Payment gateway services
• Electronic wallet platform
• QR code payments
• Collection disbursement services
• Embedded fintech API

Headquarters

HQ city

Hanoi

HQ country

Vietnam

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

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

Revenue model

1. Payment Gateway Transaction Fees: Transaction fees charged to merchants for processing online payments through the payment gateway, starting from 0.88% per transaction.
2. Collection/Disbursement Services: Fees for Thu hộ (collection) and Chi hộ (disbursement) services enabling businesses to receive and make payments to customers via QR code, bank transfer, ATM, or Gpay wallet.
3. POS Transaction Fees: Transaction fees from card present payments processed through POS terminals supporting domestic and international cards.
4. Payment Link Service: Free merchant registration with transaction-based fees for businesses sending payment links to customers for online checkout without website or app.
5. Installment Payment Service: 0% interest installment conversion service through credit cards from 20+ banks and financial institutions, with merchants receiving 100% of transaction value immediately.

Pricing tiers

Go-to-market motion1 record

Distribution channels6 records

Marketing channels5 records

Core offering

Gpay operates an API-first payment platform licensed by the State Bank of Vietnam that enables businesses to accept online payments via a single API supporting domestic cards (nearly 40 banks), international cards (Visa, MasterCard), QR codes, and Gpay wallet. The platform also provides collection/disbursement services, POS terminals, payment links, 0% interest installment conversions, and a white-label Open Wallet for embedding e-wallet functionality into third-party applications, alongside a consumer e-wallet app for bill payment, phone top-up, and identity verification.

Product overview

Gpay is a multi-product payment platform operated by Công ty Cổ phần Thanh toán G, licensed by the State Bank of Vietnam. The platform consists of three core pillars: (1) Gpay Business — the Cổng thanh toán (Payment Gateway) and Dịch vụ Thu hộ - Chi hộ (Collection/Disbursement) services; (2) Gpay Shop — a suite of merchant-facing tools including Payment Link, QR Payment, POS, and Trả góp (Installment); and (3) Consumer services including the Ví điện tử (Electronic Wallet) app with bill payment, phone/data top-up, and Open Wallet (embedded wallet for businesses). An eKYC identity verification module using NFC technology is also offered. The portfolio spans B2B payment infrastructure, B2C consumer finance, and white-label wallet solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Cổng thanh toán (Payment Gateway) Online payment gateway enabling businesses to accept domestic cards (nearly 40 banks), international cards (Visa, MasterCard), QR codes, and Gpay wallet payments via a single API integration with tokenized card storage.
• Dịch vụ Thu hộ - Chi hộ (Collection and Disbursement) Business service enabling companies to collect payments from customers via QR code, ATM transfer, bank counter deposit, and internet banking, and to disburse funds automatically 24/7 to bank accounts, ATM cards, and Gpay wallets via API or Web Portal.
• Trả góp (Installment) Credit card installment conversion service supporting 0% interest payments with flexible tenors of 3-6-9-12-18-24 months across 20+ banks and financial institutions.
• Payment Link Shareable payment link service allowing sellers to send payment links via messaging apps, email, or social media without requiring a website or app.
• QR Payment QR code-based payment solution allowing customers to scan Gpay QR codes using banking apps or e-wallets integrated with over 40 banks and e-wallets, with branch-level access control and per-branch reporting.
• POS (Máy POS quẹt thẻ) Card payment terminal (POS) enabling cashless payments via ATM cards and international cards (Visa, MasterCard/JCB/UBI/UnionPay), supporting 24/7 payments and serving delivery, ride-hailing, e-commerce, F&B, retail, and hospitality merchants.
• Open Wallet (Ví điện tử mở) White-label embedded wallet solution allowing businesses to integrate Gpay e-wallet functionality directly into their own mobile applications via SDK/API without requiring users to download a separate app.
• Thanh toán hóa đơn (Bill Payment) Consumer service enabling payment of electricity and water bills directly on the Gpay mobile application.
• Mua thẻ điện thoại (Mobile Top-Up Cards) Service allowing users to purchase mobile phone recharge cards by carrier and denomination directly within the Gpay application.
• Nạp điện thoại (Phone Top-Up) Service allowing users to top-up phone credit across all carriers with various denominations directly within the Gpay application.
• Mua thẻ Data 3G/4G (Data Packages) Service enabling users to purchase mobile data packages (3G/4G) by carrier directly on the Gpay application.
• Xác thực CCCD / eKYC (Identity Verification) NFC-based CCCD (chip-based citizen identity card) verification service that authenticates identity document genuineness and matches facial portraits against the document, with results sourced from the government RAR center.

Quantifiable outcome

• 50% increase in order completion rate when using Payment Link vs COD
• +3 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability4 records

Feature5 records

Partnerships

Six partnerships are on record, tiered core and flagship.

• State Bank of Vietnam (Ngân hàng Nhà nước)coreStrategic or Co-development Partner · 1 January 2020Official licensing as Payment Intermediary (License No. 37/GP-NHNN) granted on April 15, 2020 for electronic payment gateway, collection/disbursement, and e-wallet services. This regulatory partnership enables Gpay to operate legally as one of 39 licensed payment intermediaries in Vietnam.
• G-Group Technology CorporationcoreStrategic or Co-development Partner · 1 January 2020Gpay is a subsidiary of G-Group Technology Corporation, part of an ecosystem including 8 companies with over 30 million users across financial, gaming, social media, and technology platforms. G-Group ecosystem includes Tima (P2P lending), F88 (financial services), Gapo (social network), BeatVN (entertainment), VSEC (cybersecurity), Gcapital (investment fund), Ginnovations (R&D), and GTV (esports).
• BIDV (Bank for Investment and Development of Vietnam)coreTechnology or IntegrationBIDV is a linked bank supporting Gpay users for card loading, withdrawal, and payment. Direct linking available through BIDV Smartbanking, ATM card, or account number.
• VietinBank (Vietnam Joint Stock Commercial Bank for Industry and Trade)coreTechnology or IntegrationVietinBank is a linked bank supporting Gpay users for card loading, withdrawal, and payment. Direct linking available through ATM card information.
• MSB (Maritime Commercial Joint Stock Bank)coreTechnology or IntegrationMSB is a linked bank supporting Gpay users for card loading, withdrawal, and payment. Direct linking available through ATM card information.
• KB Fina (Joint Venture)flagshipStrategic or Co-development PartnerJoint venture fintech company established between KB Financial Group (through KB Securities Vietnam) and G-Group Technology Corporation with 300 billion VND initial capital in Phase 1. KB Fina aims to be a comprehensive digital finance platform serving Vietnamese consumers, particularly the unbanked population.

Scale indicators7 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• ZaloPay: E-wallet operated by VNG Corporation, integrated with the Zalo social platform. Competes with Gpay in QR payments, wallet, and merchant payment acceptance in Vietnam.
• MoMo: Vietnam's leading consumer e-wallet with tens of millions of users, offering QR payments, bill payment, and merchant acceptance. Directly competes with Gpay's e-wallet and QR products.
• VNPay: Vietnam's largest domestic payment gateway and QR payment network, serving merchants and banks across the country. Directly comparable to Gpay in core merchant payment gateway and QR acceptance services.
• 1Pay: Vietnam-based payment gateway offering online card acceptance, mobile payments, and SMS-based billing for merchants. Comparable to Gpay's merchant payment gateway.
• NextPay: Vietnamese payment gateway serving SMEs and online merchants with card acceptance and disbursement services. Directly comparable to Gpay's payment gateway and collection/disbursement products.
• Payoo: Vietnamese payment service provider offering bill payment, e-commerce payment gateway, and merchant POS. Comparable in scope and target market to Gpay's gateway and POS offerings.

Broad incumbents

• Adyen: Global payment platform providing unified online, point-of-sale, and marketplace payment processing. Comparable to Gpay in supporting multi-channel merchant acceptance with a single integration.
• Napas: Vietnam's national payment switch operated by the State Bank of Vietnam, providing core card-switching infrastructure. While broader and infrastructure-focused, Napas sets the rails within which Gpay operates.
• Stripe: Global leader in online payment gateway infrastructure, serving merchants and platforms worldwide. Provides a comparable API-first, developer-oriented gateway model that Gpay's product architecture mirrors at a regional scale.

Others

• PingPong: Cross-border payment platform listed as a Gpay customer/partner for cross-border flows. While not a direct competitor, PingPong is relevant as an adjacent fintech in the cross-border payment space.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@gpay3471
• Facebookfacebook.com/gpayvietnam
• LinkedInlinkedin.com/company/gpayvn

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 Gpay