With over 14 million users, Zalopay wants to escape the "shirt" of an e-wallet

On the afternoon of July 2, Zalopay officially announced its new direction and look through the event "Open limits. New experiences", taking place in Ho Chi Minh City.

After more than 6 years of development, Zalopay has more than 14 million users, providing a product portfolio of more than 100 convenient services. Ms. Le Lan Chi, General Director of Zalopay, said that from the end of 2023, Zalopay aims to develop towards expanding into a payment platform, breaking away from the traditional e-wallet model to create differences and values ​​for both users and partners.

"Launching new features and a new look in just 6 months was a huge challenge given limited resources. The successful transformation demonstrates Zalopay's ability to adapt to challenges," said Ms. Lan Chi.

Zalopay has more than 14 million users after 6 years on the market

Answering the question of the reporter of Nguoi Lao Dong Newspaper about the competition between Zalopay and QR code scanning, especially VietQR? Zalopay's CEO said that the comparison of competition is lame because VietQR is a payment standard that credit institutions use together. Zalopay is not VietQR's competitor.

"Many years ago, I found that it was wasteful for each payment acceptance point to have a different QR code and that it was necessary to have a common QR standard so that customers could use it conveniently. Thailand, Indonesia and India all have common QR code scanning standards. In Vietnam, after VietQR was available, wallets like Zalopay also joined hands with VietQR to facilitate customers in payment," said Ms. Lan Chi.

Accordingly, since July 2023, instead of pursuing a closed ecosystem with its own technical standards, Zalopay has become one of the pioneers to cooperate with NAPAS to launch the breakthrough product Zalopay Multi-function QR, accepting payments from all banking applications and e-wallets. Zalopay also continues to cooperate with major partners to open more payment methods via banking applications, international cards, ATM cards, Apple Pay.

According to reporters, competition in the electronic payment market is increasingly fierce. According to data from the State Bank as of the end of the first quarter of 2024, there were more than 50 enterprises licensed to provide intermediary payment services, mostly e-wallets. Among them, some "big guys" hold significant market shares such as MoMo, Zalopay, ShopeePay (formerly AirPay), Viettel Money, VNPAY, VTCPay...

MoMo currently has about 31 million users, Zalopay has more than 14 million users, while other wallets also have millions of users. Wallets not only compete in payment technology, but also invest in marketing, promotions, and "race" to invite merchants (business households, small traders, sellers) to join the wallet (with fees) to increase convenience for users...

Source: https://nld.com.vn/hon-14-trieu-nguoi-dung-zalopay-muon-thoat-khoi-chiec-ao-vi-dien-tu-196240702182301338.htm