2024 marked an impressive year of growth for Zalopay with its motto "reinventing every money-related experience".
Serving over 16 million users, Zalopay firmly holds the top 2 position in payment applications in Vietnam, and is also the only Vietnamese company to be included in the list of the top 200 global Fintech companies by the prestigious American television channel CNBC.
The brand repositioning campaign in July can be considered a significant milestone for Zalopay over the past year. After six years of development, Zalopay no longer limits itself to the title of e-wallet. Instead, Zalopay aims to become an open platform and continuously improve its comprehensive and diverse ecosystem of personal financial products for Vietnamese users.
2024 clearly witnessed Zalopay's journey of transformation, pushing beyond its "comfort zone," continuously testing new limits and capabilities, in line with its vision "Renewing every money experience" and the statement "Break boundaries. New experiences" announced at the brand repositioning event.
A prime example of the platform's breakthrough in business thinking in 2024 is the Zalopay QR Code Multi-Purpose product. Pioneered by Zalopay in collaboration with NAPAS and launched in July 2023, this strategic product had a brilliant 2024, recording a 15-fold increase in total transaction value compared to 2023.
A series of different versions of the Zalopay Multi-Purpose QR Code were also launched and first showcased at the Zalopay Year End Fes 2024 event (November 28 - December 1, 2024) , including the International Zalopay Multi-Purpose QR Code and Zalopay Box… This event, combining digital payment and a shopping mega-festival, was held for the first time on Nguyen Hue pedestrian street, Ho Chi Minh City, attracting over 172,000 visitors in just 4 days.
A highlight of the event was the ZaloPay International Multi-Purpose QR Code, a product developed in collaboration with UnionPay, offering an incredibly convenient payment experience for international tourists in Vietnam. With this QR code, tourists can directly use the UnionPay app or over 15 banking and e-wallet apps within the UnionPay ecosystem from South Korea, China, Hong Kong, Singapore, Thailand, and Laos to scan and pay without needing to exchange cash.
With its open-ended approach, the ZaloPay application has continuously integrated many modern payment methods such as bank transfers, Apple Pay, Google Pay, and international Visa/MasterCard cards; allowing users to pay for services and utilities directly on the ZaloPay application without needing to link a bank account. These methods not only expand payment options but also provide flexibility and convenience, meeting all user needs.
In the financial services sector, throughout 2024, Zalopay continuously expanded its product portfolio, adding three new services: Savings Deposits, Installment Payments, and Quick Loans. This addition completes the diverse range of six personal financial and investment products within the Zalopay ecosystem. Users can not only invest flexibly according to their needs, even with the smallest amounts, but also manage all their personal financial activities within a single application.
As of the end of Q3/2024, Zalopay experienced a 38% increase in total payment volume and a 196% increase in revenue from financial services compared to the same period last year. Just six months after its launch, the Zalopay Priority membership program, which allows users to "Earn rewards on every payment from any banking app," also recorded a 50% increase in total transaction value and payment frequency among members, and a 40% increase in the number of high-tier members.
Aiming to become an open and inclusive payment platform, 2024 marks a significant step forward for Zalopay in expanding its partnerships. With a network of 52,000 merchant partners, Zalopay continuously connects and enhances the cashless payment experience in Vietnam and the region.
In April 2024, Zalopay partnered with Nimo TV, followed by Lazada Vietnam in June, to launch VietQR code payments on its online platform, allowing customers to use familiar banking or e-wallet applications to scan QR codes.
In the delivery sector, BEST Express officially adopted the payment on delivery (POD) solution via ZaloPay QR code from October 2024, contributing to the promotion of cashless delivery.
Also this year, Zalopay partnered with Visa to promote payments in SME businesses, and in December 2024, Zalopay became the first Vietnamese payment method integrated into the global online entertainment platform iQIYI, once again affirming efforts to promote digital payments and expand international cooperation.
In the financial sector, Zalopay continues to strengthen its cooperation with CIMB Bank Vietnam, introducing more attractive financial products such as savings and installment payments in 2024. Furthermore, Zalopay is expanding its connections with major banks and financial institutions such as DongA MTC, Sacombank - SBR, FinFan - Ria Money Transfer, etc., expanding international money transfer services on the application.
As an important part of VNG 's ecosystem, Zalopay shares the same vision and mission of creating technology coupled with social responsibility, through many meaningful community projects in 2024.
In September, Zalopay partnered with the Nguoi Lao Dong Newspaper to support people in Northern Vietnam in overcoming the consequences of Super Typhoon Yagi. Just one month after its launch, the application raised nearly 3 billion VND, with over 37,000 contributions from 32,000 benefactors. Ahead of the Lunar New Year 2025, Zalopay also collaborated with the Nguoi Lao Dong Newspaper and the Crescent Moon Foundation to launch the "Spring Journey" program, aiming to help disadvantaged workers and laborers from Central Vietnam return home for Tet.
In the education sector, the "Cashless Canteen" project has expanded to include eight new locations at major universities and international schools, shaping cashless payment habits within the school environment.
With its continuous efforts towards a cashless future, Zalopay has consistently been honored at numerous prestigious forums and awards, such as "Gold Payment Intermediary" at the NAPAS Customer Conference 2024 and "Outstanding Fintech Company 2024" at the Vietnam Outstanding Banking Awards. Its strategic product, Zalopay QR Code Multi-Function, has also continuously received many prestigious awards, including: Digital Transformation Product/Solution for the Community at the Vietnam Digital Awards 2024, Top 100 Innovative Products and Services (POY 2024), and Top 10 Best Vietnamese Products - for Consumer Rights in 2024.
| "Looking Back at 2024" is a special content series on the VNG website that summarizes the outstanding achievements of VNG and its product lines in 2024. The series portrays the creative journey and persistent efforts of the VNG team during a year full of difficulties and challenges, as well as celebrating the positive community values that VNG's products bring to society. |
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