Zalopay, the financial arm of Vietnamese tech giant VNG, is pivoting from an e-wallet to become an open payment platform model, according to DealStreetAsia.
This shift will enable Zalopay to offer a wider array of financial services, including lending and investment products, as the e-wallet landscape faces growing competition from mobile banking apps and the VietQR system.
With an emphasis on expanding its financial product suite, Zalopay is set to introduce installment payments and quick loans by Q3 2024.

CEO Le Lan Chi shared that the platform’s lending portfolio, which includes a Buy Now, Pay Later (BNPL) option in partnership with Lotte Finance, aims to meet the diverse needs of its user base.
The company has capped interest rates between 8% and 13% annually to provide accessible and responsible financial solutions.
Zalopay, launched in 2017 by VNG’s Zion Company, initially focused on e-wallet services, such as bill payments and money transfers via QR codes.
However, VNG reduced its stake in Zion from nearly 100% to 60%, generating VND 464 billion (US$19.9 million) from the sale.
Despite these changes, Zalopay saw positive growth, with a 27% increase in total payment volume in 2023 and its QR solution reaching over 36,000 partners nationwide by mid-2024.
Zalopay is focused on expanding its offerings within Vietnam and partnering with banks and financial institutions to enhance its platform’s capabilities.