“Zalopay has been at the forefront of reshaping how millions of users transact, save, and grow within Vietnam’s dynamic digital economy”, Ms Le Lan Chi, CEO of Zalopay.

Vietnam’s fintech market is one of the fastest-growing markets in ASEAN, driven by high digital payment adoption, increasing smartphone penetration, and strong government support. The shift towards cashless transactions has accelerated during the pandemic and Fiingroup estimated that by end of 2023, there were more than 36 million active e-wallets in the country and would reach 50 million active users in 2024. The potential market size for cashless transactions between consumers and merchants via offline and online channels per our internal estimation is USD 165 billion for 2024, entailing retail, F&B, e-commerce, transport, food delivery and online travel. Among the digital payment methods, VietQR code payments – a product by National Payment Corporation of Vietnam (NAPAS) - saw the most impressive surge thanks to the country’s mobile-first consumer base and convenience. Another rising trend is the consumer lending services, gaining traction when consumers explore flexible financing options. We estimated that the loan balance for consumer lending in 2024 is USD 186 billion and will develop at a CAGR of 11% in the next 5 years. With 22% of the population still unbanked per the SBV Payment Department data, fintech companies are presented with a significant opportunity to offer financial inclusion. To tap into this trend, Zalopay, in collaboration with CIMB Vietnam and SHB Finance, has introduced flexible installment payment service and cash loan product directly within the application, offering credit limits up to VND 30 million.

However, several challenges remain for Vietnam’s fintech sector, particularly around regulatory barriers and intense market competition. Complex licensing processes and high capital requirements make it difficult for new players to enter the market, while foreign investors must navigate international trade agreements. Competition is also heating up, with fintech firms vying for dominance in digital payments, lending, and blockchain. Consumers are increasingly diversifying their payment methods, using multiple wallets and digital banks, posing a challenge for providers to secure customer loyalty. Cybersecurity remains a pressing concern, as fraud and data privacy risks persist despite government efforts to regulate data protection. These challenges highlight the need for fintech companies to balance innovation with compliance while building trust in the market.

2024: New Horizons and Open Platforms

Amid this thriving environment, Zalopay cemented its position as Vietnam’s top online payment platform. Six years after its debut, Zalopay now boasts 16 million users with over 100 diverse products and services. By the end of 2024, it had partnered with more than 52,000 entities and 81,000 payment points nationwide, achieving an impressive 39% growth in total payment volume and a remarkable 149% increase in financial service revenues compared to 2023. In 2023, Zalopay was the only Vietnamese company featured in CNBC’s Top 200 Global Fintechfirms, a testament to its pioneering status and vast growth potential in  Vietnam’s booming payment market.

In 2024, Zalopay ventured beyond its traditional role as a mere electronic wallet, transforming into an open platform that continuously enriched its ecosystem to offer practical and user-friendly financial products for Vietnamese users.

“Banks are partners, not rivals”

Since July 2024, Zalopay has transitioned to an open and comprehensive payment platform, strategically partnering with banks, financial institutions, and payment processors rather than competing with them. With a robust user base and growing transaction volumes, this approach enhances user experiences and expands our digital payment infrastructure. Notably, the Zalopay Multifunction QR allows user to flexibly utilize various financial apps, improving customer convenience. Through solid partnerships with 13 banks, Zalopay now commands a 57% market share, markedly improving the smoothness of payment transactions for its users.



According to a 2024 study by Decision Lab, Vietnamese users favor banking appsbut are also open to experimenting with new payment methods. Zalopay has effectively capitalized on this trend by enhancing its platform to offer flexible funding options such as Zalopay Wallet balances, bank transfers, Apple Pay, Google Pay, and international cards. This flexibility not only caters to diverse user needs but also leverages the strengths and reputations of banks to promote cashless transactions.

Zalopay’s collaboration with banks enhances its technological and financial resources, whilealso drawing in tech-savvy younger customers—a key demographic for Zalopay. This aligns with Vietnam’s digital transformation targets for 2025 and its sustainable development vision for 2045 (Decision 749/QĐ-TTg, 2020). In this ecosystem, cash is the “common enemy” of Zalopay, banks, and payment intermediaries.

Zalopay is committed to strengthening its partnerships with banks to create added value for users, businesses, and the entire digital ecosystem in Vietnam. By choosing cooperation over competition, Zalopay not only solidifies its position as a leading payment platform but also contributes to the government’s broader financial inclusion goals. This strategy fuels online payments, reduces cash reliance, and unlocks huge growth potential in Vietnam’s vibrant e-payment market. This approach fuels online transactions, curbs cash dependency, and and taps into the vast opportunities of Vietnam’s dynamic digital payment landscape

Zalopay’s Multifunctional QR – A Bold Strategic Leap

In July 2023, Zalopay pioneered the versatile Zalopay QR payment solution, built on VietQR standards. This game-changer accepts payments from any banking app or e-wallet, signaling a bold shift in business mindset and a sustainable 2024 vision. Zalopay QR delivers a seamless, error-free customer experience with faster transactions while enabling business partners to streamline QR management and slash costs.



Zalopay’s upgraded Multifunctional QR offers retailers advanced customer care tools, including tiered membership, auto-point tracking, and personalized offers. Businesses can manage and analyze data to craft tailored loyalty programs, boost retention, and drive sales through automated messaging. Customers scanning the QR with any banking app or Zalopay instantly earn points and perks, skipping tedious steps like entering personal details or codes. The Pizza Company has taken the lead, launching its “Pizza Company Membership” with this solution.

In 2024, Zalopay expanded its Multifunctional QR to e-commerce and international platforms, partnering with Nimo TV in April and Lazada Vietnam in June. A collaboration with Visa now supports payments for small and mediumsized enterprises (SMEs), and in December, Zalopay became the first Vietnamese payment option on the global online entertainment platform iQIYI.

At the end-of-year Zalopay Year End Fest 2024 on Ho Chi Minh City’s Nguyen Hue walking street, Zalopay unveiled an international version of its Multifunctional QR code in partnership with UnionPay. This solution offers a seamless and secure payment experience for tourists in Vietnam, operable through the UnionPay app or over 15 different payment and banking apps from countries such as South Korea, China, Singapore, and Thailand.

Furthermore, Zalopay’s Multifunctional QR code has become the primary payment method for Cash on Delivery (POD) orders in the delivery sector, powering services like Ahamove and BEST Express.
Building a Personal Finance Ecosystem in Vietnam

Building a Personal Finance Ecosystem in Vietnam

Vietnam’s consumer finance market, with a credit-to-GDP ratio of 27.17%— far below the 60-70% in Asian countries such as China, Japan, Singapore, Malaysia, and Thailand— shows untapped potential. In 2024, Zalopay seized this opportunity by collaborating with reputable banks and financial institutions to launch 3 new microfinance products. These products aim to simplify access to credit, savings, and investment opportunities, especially for the underbanked population, pushing financial inclusion further across the country.

Recognizing the challenges users face with digital financial products, like tricky requirements and complex approval processes, Zalopay has partnered with esteemed banks and financial institutions to develop six microfinance products tailored for small-money management and investment, perfectly suited to most Zalopay users’ financial realities, driving inclusive digital finance forward.

  • Fixed Deposit: In collaboration with CIMB, Zalopay offers savings accounts with up to 6.1% annual interest and allows partial principal withdrawals without losing interest.

  • Installment & Cash Loan: Launched in Q3/2024, the Installment (CIMB) supports purchases starting from VND 500,000 with a 12-month term; Cash Loan provides up to VND 30 million with a 24-month repayment period at competitive interest rates, with no additional insurance required.
  • Existing Products: Money Market Funds (Infina, 2022) start from just VND 10,000, accumulating daily earnings; Buy Now Pay Later offers limits of VND 8 million with CIMB and Lotte Finance, Stocks (DNSE, 2023) allow investments from a single share, witnessing nearly 1 million new accounts in a year—a market-leading growth rate according to DNSE (2024).


These products make finance widely accessible, especially to Gen Y and Gen Z, Zalopay’s key clientele. Zalopay continues to affirm its long-term strategic direction, aiming to become Vietnam’s go-to digital finance hub.

Supporting the Community

As part of the VNG ecosystem, Zalopay upholds a commitment to blend technological innovation with social responsibility through various impactful community efforts

  • Education: Zalopay expanded its “Cashless Canteen” project, adding eight new locations at domestic and international universities, fostering cashless payment habits among students.
  • Disaster Relief: In partnership with Người Lao Động newspaper, Zalopay supported Northern communities in recovering from the super typhoon Yagi in September 2024. The initiative raised nearly VND 3 billion from over 37,000 contributions by 32,000 donors within a month.

  • Social Welfare: Collaborating with the Ho Chi Minh City Federation of Labor, Zalopay facilitated the “Workers’ Festival - Market of Compassion” by providing a tech solution for zero-cost gift vouchers, allowing the federation to distribute 9,500 vouchers to workers for the Lunar New Year shopping. Additionally, in cooperation with the Crescent Moon Fund and Người Lao Động newspaper, the federation raised over VND 621 million from more than 62,000 donors for the “Spring Journey” program, ensuring that everyone could head home for the Lunar New Year.


Fostering Internal Connection through Transparency

Zalopay keeps building a workplace that’s open and inspiring by enhancing team development, collaboration, and engaging activities, all rooted in transparency. Recognizing that trust within the organization, along with a commitment to a “cashless society,” is strengthened by transparency, Zalopay has implemented several initiatives to promote this ethos.

Professional Development Programs: The ‘Embracing Excellence’ and ‘Management Companion’ programs sharpen the skills and mindsets of Zalopay Starters, fostering personal and professional growth.

Open Communication Platforms: Sessions like ‘Zalopay Talks’, ‘Business Connecting Session’, and ‘Zalopay 360° Feedback’ provide spaces for honest exchanges and feedback, contributing to an open work culture.

Team-Building Activities: The ‘Zalopay Aspire Awards’, ‘Town Hall Meetings’, and ‘Hackathon 2024’ spark innovation, straightforward communication, employee recognition, and creativity, tightening team bonds.

Zalopay will continue our efforts to build and improve the cultural inniatives

Growth: Delvelopment programs aim to enhance skillset and mindset of Zalopay Starter.

Collaboration: Sharing and feedback programs aim to encourage open and honest culture.

Inspiration: Bonding, reconigion & innovation programs aim to boost employee engagement.

In 2025, Zalopay aims to grow its user base and revenue through diversifying its product ecosystem and optimizing costs. The Multifunctional QR Code remains a focal point, with expanded strategic partnerships enhancing convenient and secure experiences for users and offering efficient, synchronized payment management for retailers.

Meanwhile, Zalopay is enhancing its ‘Zalopay Priority’ program to attract and retain loyal users. Within just six months, the program has seen a 50% spike in transaction value and payment frequency among members, with a 40% rise in the number of top-tier (Gold and Diamond) members.

Prioritizing the application of technology and optimizing internal processes will be key to reducing operational costs. Simultaneously, Zalopay continues to expand its financial services, including lending, insurance, and investment, to meet the diverse needs of users and commercial partners, enhancing revenue and positioning Zalopay as a comprehensive digital financial platform. These initiatives not only improve business efficiency but also aim to lead the cashless payment market in Vietnam.

Notable Awards in 2024

“Gold Payment Intermediary” at the NAPAS Customer Conference 2024.

“Outstanding Fintech Company of 2024” at the Vietnam Outstanding Banking Awards.

Digital Transformation Product for the Community” at the Vietnam Digital Awards 2024 for the Zalopay Multifunctional QR code.

Top 100 Innovative Products and Services for the Zalopay Multifunctional QR code.

Top 10 Vietnamese Goods for Consumer Rights 2024 for the Zalopay Multifunctional QR code.

Read more Annual Report 2024 Full HERE