What VTC Pay does

VTC Pay is a Vietnamese digital wallet and electronic payment gateway operated under Tổng Công ty Truyền thông đa phương tiện (VTC), Vietnam's state-owned multimedia corporation, and licensed by the State Bank of Vietnam as a payment intermediary (licenses 08/GP-NHNN and 31/GP-NHNN dated 24/02/2016). Headquartered in Hanoi with a branch in Ho Chi Minh City, it serves individual consumers and SMB merchants through a horizontally-segmented platform spanning wallet, merchant acquiring, and adjacent content/marketplace services.

The platform's two core products are the VTC Pay E-Wallet (Ví điện tử VTC Pay) for consumer money management and the VTC Pay Payment Gateway (Cổng thanh toán điện tử VTC Pay) for merchant acceptance. Built on a digital-first architecture with biometric authentication against national ID (CCCD) chips and OTP transaction verification, the platform is PCI DSS-compliant (verified by Trustwave) and integrates with over 40 domestic banks plus Visa, Mastercard, and JCB. Around the core wallet sit an extensive module portfolio: mobile top-up for all five major Vietnamese carriers; game cards and top-up for Garena, Vcoin, Zing, Scoin, Appota, and others; utility bill payment across EVN, water, internet, TV, and fixed-line providers; a savings product co-launched with PVcomBank (rates up to 5.3%/year, terms 1 week to 36 months); the Giftpop gift voucher marketplace; the Mudi online shopping sub-brand; and integrations with Google Play and Samsung Galaxy Store.

VTC Pay monetizes primarily through transaction-based commissions — 0–4% on mobile top-ups by carrier, 3–5.5% discounts/markups on game cards, processing fees on utility and financial bill payments (MCredit, Mirae Asset, ACS, VBI, Shinhan Finance), marketplace commissions via Giftpop, and interest-sharing on the PVcomBank savings partnership. Distribution is product-led growth via the mobile app and website (self-serve registration by phone number and OTP), supplemented by direct sales for VTC POS terminals deployed to SMB merchants and partnerships for bank, carrier, and app-store distribution.

Name

VTC Pay

Legal name

Tổng Công ty Truyền thông đa phương tiện (VTC)

Website

https://vtcpay.vn

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

VTC Pay is a Vietnamese state-owned digital wallet and payment gateway licensed by the State Bank of Vietnam, serving consumers and SMB merchants with payments, bill settlement, mobile top-up, game credits, savings, and gift vouchers.

Ownership category

akta.pro rank

Product category

Digital Payments

akta.pro primary industry

In-App / Online Checkout Wallets (FSAMAEAH)

akta.pro secondary industries

Merchant Payment Gateways (API/Hosted Checkout) (FSAMACAA), Stored Value Ledger / Wallet Infrastructure (Non-Bank) (FSAMANAM)

Keywords

• Digital wallet payments
• Payment gateway services
• Mobile top-up
• Bill payment processing
• Merchant POS terminals

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, Others

Revenue model

1. Mobile Top-up and Scratch Card Commissions: VTC Pay earns commissions ranging from 0% to 4% on mobile phone credit top-ups and scratch card sales for Viettel, Mobifone, Vinaphone, Vietnamobile, and Gmobile. Discounts vary by carrier.
2. Game Card and Voucher Sales: Commissions and markups on the sale of game cards (Garena, Vcoin, Zing, Appota, Scoin, etc.) and vouchers. Discounts on purchase price range from 3% to 5.5% depending on the card type. VTC Pay also sells vouchers for third-party services.
3. Third-party Service Payment Processing: Processing fees from bill payments including electricity (EVN), water, internet (FPT, VNPT, SCTV), television (SCTV, VTVCab, K+, MyTV, FPT), fixed-line phone, and financial/insurance services.
4. Savings Product Partnership with PVcomBank: Interest income sharing or commission from the savings product ('Gửi tiết kiệm') launched in partnership with PVcomBank, integrated on the VTC Pay platform.
5. Giftpop Gift Voucher Marketplace: VTC Pay operates Giftpop, a gift voucher marketplace where it earns commissions or margins on branded gift cards for restaurants, cinemas, and retail outlets (Pizza 4P's, CGV, Cộng Cà Phê, etc.).

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

VTC Pay operates a licensed Vietnamese e-wallet (Ví điện tử VTC Pay) and electronic payment gateway (Cổng thanh toán điện tử VTC Pay) under payment intermediary licenses (08/GP-NHNN and 31/GP-NHNN) from the State Bank of Vietnam. The consumer wallet supports money storage, peer transfers, mobile/data top-up, game card purchases, utility bill payment, savings via PVcomBank, gift vouchers, and Google Play linkage. The merchant gateway and VTC POS terminals enable online and in-person card and bank-based payment acceptance for small businesses.

Product overview

VTC Pay is a Vietnamese digital e-wallet and payment gateway platform operated by VTC (Tổng Công ty Truyền thông Đa Phương tiện) under a payment intermediary license from the State Bank of Vietnam. The platform consists of two core products: the VTC Pay E-Wallet (Ví điện tử VTC Pay) for consumer money management and payments, and the VTC Pay Payment Gateway (Cổng thanh toán điện tử VTC Pay) for merchant payment acceptance. These core products are augmented by an extensive module portfolio including Mobile Top-up & Data Cards, Game Cards & Top-up, Bill Payment Services (covering electricity, water, internet, TV, and phone bills), Combo Data Packages, a Savings product co-launched with PVcomBank, Flight and Bus ticketing, the Giftpop gift voucher marketplace, and the Mudi online shopping sub-brand. The platform also integrates with Google Play, Samsung Galaxy Store, over 40 domestic banks, and multiple international card networks (Visa, Mastercard, JCB).

Differentiator

Problem solved

Functional benefit

Brands

• Mudi.vn: Online marketplace platform operated within the VTC Pay ecosystem.

Products and services

• VTC Pay E-Wallet (Ví điện tử VTC Pay) Consumer digital wallet that stores funds, enables peer-to-peer transfers, mobile and data top-up, game card purchases, utility bill payment, savings, gift voucher redemption, and Google Play linkage. Operated under payment intermediary licenses from the State Bank of Vietnam and targeted at Vietnamese individual consumers.
• VTC Pay Payment Gateway (Cổng thanh toán điện tử VTC Pay) Electronic payment gateway for merchants and online businesses to accept payments via bank transfers, domestic cards, Visa/Mastercard/JCB international cards, and e-wallets, with documented integration options.
• Mobile Phone Top-up & Data Cards Prepaid airtime top-up, postpaid bill payment, and scratch card sales for all five Vietnamese mobile network operators with discounts of up to 4% off face value.
• Game Cards & Game Top-up Sale of digital game cards and game-account recharge for Garena, Zing, Vcoin, Scoin, Appota, and other publishers with denominations from 10,000 VND to 10,000,000 VND and discounts of 3% to 5.5%.
• Bill Payment Services Aggregator service for paying electricity (EVN Hanoi/Southern/HCMC/Northern/Central), water utility bills, internet (FPT, VNPT, SCTV, SPT, CMC), TV (SCTV, VTVCab, AVG, K+, VTC, MyTV, FPT), fixed-line phone, and VNPT bills across Vietnam.
• Savings (Gửi tiết kiệm) with PVcomBank Online savings product co-launched with PVcomBank allowing users to open savings accounts from 100,000 VND to 100,000,000 VND/month with terms from 1 week to 36 months and interest rates ranging from 0.5% to 5.3%/year, with interest credited to the VTC Pay wallet at term end.
• Giftpop Gift Vouchers Digital gift voucher service offering branded vouchers from restaurants, cinemas, and retailers including Pizza 4P's, Cộng Cà Phê, BB Wellness, SUSHI TEI, Bác Tôm, K-MARKET, LocknLock, Go2Joy, CGV, Lotte Cinema, tiNiWorld, Phúc Long, Hoàng Yến, Don Chicken, and Le Monde Steak.
• VTC POS Card Reader Physical point-of-sale card terminal hardware deployed to merchants (cafés, retail shops, showrooms, spas) to accept card-based payments and enable cashless settlement.
• Mudi Marketplace Online shopping marketplace integrated within the VTC Pay ecosystem where users can purchase goods and sellers can register to list products.
• Flight Tickets Online flight ticket booking service offered through the Sipher/Beyond Atoms partner platform and accessible from the VTC Pay wallet.
• Bus Tickets Online bus ticket booking service accessible through the VTC Pay wallet.
• Electronic Invoice (Hóa đơn điện tử) Electronic invoice issuance service for businesses compliant with Vietnamese tax regulations Nghị định 123/2020/NĐ-CP and Nghị định 70/2025/NĐ-CP.
• Credit & Insurance Payment Bill payment service for consumer loans and insurance premiums through MCredit, ACS, Mirae Asset, OCB, MSB, Shinhan Finance, and VBI Insurance.
• SMS Plus SMS-based value-added service offering additional communication and notification features for VTC Pay users.
• Account Fraud Alert Feature Automated warning feature that alerts users when they receive money from accounts suspected of fraud, supporting fraud prevention on the e-wallet platform.

Quantifiable outcome

• Up to 5.5% discount on game card purchases
• +2 more outcomes

Named customers2 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

Integration15 records

AI capability2 records

Feature4 records

Partnerships

Seven partnerships are on record, tiered minor and core.

• SipherminorGTM or Marketing Partner · 2 February 2026VTC Pay partnered with Sipher for promotional campaigns on the 'Sipher Phiêu Lưu Ký' game. Users who pay with VTC Pay at Sipher Webshop receive exclusive gifts (X4 value promotions).
• PVcomBankcoreStrategic or Co-development Partner · 28 November 2024VTC Pay and PVcomBank jointly launched a savings product ('Gửi tiết kiệm - An tâm tích lũy') integrated directly into the VTC Pay platform. Users can open savings accounts from 100,000 VND to 100,000,000 VND with terms from 1 week to 36 months and interest rates up to 5.3%/year. Interest is credited to the VTC Pay wallet at term end.
• Google (Google Play)coreTechnology or IntegrationVTC Pay wallet integrates as a payment method within Google Play Store. Users link their VTC Pay account within the Google Play payment settings, enabling app and game purchases charged to the VTC Pay wallet balance.
• 40+ Domestic BankscoreTechnology or IntegrationVTC Pay is integrated with over 40 domestic Vietnamese banks including BIDV, Vietcombank, Techcombank, TPBank, Sacombank, HD Bank, MBBank, and others, enabling instant bank transfers and account linking for deposits and withdrawals.
• Telecom Carriers (Viettel, Mobifone, Vinaphone, Vietnamobile, Gmobile)coreChannel Partner/ Reseller/ DistributorVTC Pay resells mobile airtime and data packages for all major Vietnamese carriers. The platform offers the lowest market rates with commissions ranging from 0% to 4% and supports prepaid top-up, postpaid payment, and data package purchase.
• Giftpop Brand Partners (Pizza 4P's, CGV, Cộng Cà Phê, and others)minorChannel Partner/ Reseller/ DistributorVTC Pay's Giftpop service sells branded gift vouchers for restaurants, cinemas, and retailers including Pizza 4P's, BB Wellness, Cộng Cà Phê, Don Chicken, Go2Joy, CGV, Lotte Cinema, Phúc Long, and others.
• ELSA (ELSA Speak)minorChannel Partner/ Reseller/ DistributorVTC Pay sells ELSA Pro language learning vouchers with approximately 9.5% discount. Plans available: 3 months (297,745 VND), 6 months (533,045 VND), 1 year (809,975 VND), and Unlimited (1,805,475 VND).

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Others

• Napas: Napas is Vietnam's national payment switch operated by the State Bank of Vietnam, providing card and QR switching infrastructure. VTC Pay connects to Napas for interbank transfers; not a direct wallet competitor but a critical infrastructure counterpart.

Direct peers

• ViettelPay (Viettel Money): Viettel Money is the e-wallet of Viettel, Vietnam's largest mobile network operator. Leverages Viettel's subscriber base to compete with VTC Pay on mobile top-up, transfers, and bill payment.
• Moca (Grab): Moca is integrated into the Grab super-app in Vietnam for consumer payments and ride-hailing checkout. Competes with VTC Pay on in-app payment acceptance and consumer wallet share.
• ZaloPay: ZaloPay is VNG's e-wallet integrated with the dominant Zalo messaging app in Vietnam. Competes head-to-head with VTC Pay across peer-to-peer transfers, bill pay, and merchant QR acceptance.
• MoMo: Vietnam's leading consumer e-wallet offering payments, money transfers, bill pay, savings, and investments to tens of millions of users. Directly competes with VTC Pay on consumer wallet share, bill payment, and merchant acceptance.
• Payoo: Payoo is a Vietnamese bill payment and e-wallet platform with extensive utility and consumer finance integrations. Competes directly with VTC Pay on bill aggregation, installment payments, and merchant payment gateway services.
• ShopeePay: ShopeePay is Sea Group's e-wallet in Vietnam, deeply integrated with the Shopee marketplace. Competes with VTC Pay on consumer payments, marketplace checkout, and merchant acceptance.
• VNPay: VNPay is a major Vietnamese payment platform providing QR-based merchant acceptance, bill payment, and e-wallet services. Overlaps directly with VTC Pay's payment gateway and merchant services.

Emerging players

• TPBank LiveBank / TPBank Pay: TPBank is one of the 40+ banks integrated with VTC Pay and also offers its own digital wallet and payment app. An adjacent player showing how bank-owned wallets compete with or complement independent intermediaries like VTC Pay.

Regional players

• AirPay (AirPay by Sea Group): AirPay (formerly part of AirPay, later merged into ShopeePay across SEA) was a Sea Group consumer wallet operating across Southeast Asia. Provides a regional benchmark for cross-border wallet strategy that VTC Pay could pursue but has not.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCl4vbMhHym5eFgxYtstko_g
• Facebookfacebook.com/vidientuvtcpay
• LinkedInlinkedin.com/company/vtcpaymentgateway
• Xx.com/vidientuvtcpay

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries1 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 VTC Pay