2024 marks an impressive year of growth for Zalopay with the statement "refreshing every experience about money".
Serving more than 16 million users, Zalopay is firmly in the top 2 payment applications in Vietnam, and is also the only Vietnamese enterprise to be included in the list of top 200 global Fintech companies by prestigious American TV channel CNBC.
The rebranding campaign in July can be considered a special mark of Zalopay in the past year. After 6 years of development, Zalopay no longer limits itself to the name of e-wallet. Instead, Zalopay aims to become an open platform and constantly improve the comprehensive and diverse ecosystem of personal financial products for Vietnamese users.
The year 2024 clearly witnessed the journey of transformation beyond the "safe zone", continuously testing new limits and new capabilities of Zalopay, true to the vision of "Renewing all experiences about money" as well as the manifesto "Open limits. New experiences" announced at the brand repositioning event.
A typical example of the platform's breakthrough in business thinking in 2024 is the Multi-function Zalopay QR code product. Pioneered by Zalopay in cooperation with NAPAS to launch in July 2023, this strategic product had a brilliant 2024 when recording a total transaction value 15 times higher than in 2023.
A series of different versions of Zalopay QR Multi-Function were also launched and performed for the first time at the Zalopay Year End Fes 2024 event (November 28 - December 1, 2024) , including Zalopay QR Multi-Function International, and Zalopay Box... This is the first event combining digital payment and super shopping festival held at Nguyen Hue walking street, Ho Chi Minh City, attracting more than 172 thousand visitors in just 4 days.
The highlight of the event is the international Multi-Functional Zalopay QR, a product in cooperation with UnionPay, bringing an extremely convenient payment experience to international tourists in Vietnam. With this QR code, tourists can directly use the UnionPay application or more than 15 banking applications and e-wallets in the UnionPay ecosystem from Korea, China, Hong Kong, Singapore, Thailand and Laos to scan and pay without having to convert cash.
With an open orientation, Zalopay application has also continuously integrated many modern payment methods such as bank transfer, Apple Pay, Google Pay, international Visa/MasterCard cards; allowing users to pay for services and utilities right on Zalopay application without linking to a bank. These methods not only expand payment options but also bring flexibility, convenience, meeting all user needs.
In the financial services sector, throughout 2024, Zalopay has also continuously expanded its product portfolio, adding three new services: Savings, Installments and Quick Loans. This addition completes the set of six diverse personal financial and investment products in the Zalopay ecosystem. Users can not only flexibly invest according to their needs from the smallest amount, but can also manage all of those personal financial activities right in one application.
By the end of Q3/2024, Zalopay grew 38% in total payment volume and revenue from financial services increased 196% compared to the same period last year. After only 6 months of launching, the Zalopay Priority Membership program, which helps users "Accumulate rewards for every payment from every banking application", also recorded a 50% increase in total transaction value and payment frequency of members, and a 40% increase in the number of high-ranking members.
Aiming to become an open and comprehensive payment platform, 2024 marks Zalopay's strong step forward in expanding cooperation. With a network of 52,000 commercial partners, Zalopay is constantly connecting and improving the cashless payment experience in Vietnam and the region.
In April 2024, Zalopay cooperated with Nimo TV and then Lazada Vietnam in June to deploy payment via VietQR code on the online platform, allowing customers to use familiar banking applications or e-wallets to scan QR codes.
In the delivery sector, BEST Express has officially applied the POD (payment on delivery) fee payment solution via Zalopay Multi-function QR code since October 2024, contributing to promoting cashless delivery.
Also this year, Zalopay cooperated with Visa to promote payments at SME businesses, and in December 2024, Zalopay became the first Vietnamese payment method integrated on the global online entertainment platform iQIYI, once again affirming efforts in promoting digital payments and expanding international cooperation.
In the financial sector, Zalopay continues to promote cooperation with CIMB Bank Vietnam, introducing more attractive financial products such as Savings and Installments in 2024. Next, Zalopay also expands connections with major banks and financial institutions such as DongA MTC, Sacombank-SBR, FinFan - Ria Money Transfer... to expand the International Money Receiving service on the application.
As an important part of VNG's ecosystem, Zalopay shares the same vision and mission of creating technology associated with social responsibility, through many meaningful community projects in 2024.
In September, Zalopay joined the Nguoi Lao Dong Newspaper to support people in the North to overcome the consequences of super typhoon Yagi. After only one month of implementation, the application has called for donations of nearly 3 billion VND, with more than 37,000 contributions from 32,000 benefactors. Before the Lunar New Year 2025, Zalopay also cooperated with the Nguoi Lao Dong Newspaper and the Crescent Moon Fund to launch the "Spring Bus Trip" program, with the goal of helping workers and laborers in the Central region who are far from home and in difficult circumstances to return home for Tet.
In the education sector, the “Cashless Canteen” project has expanded to 8 new locations at major universities and international schools, shaping the habit of cashless payment in schools.
With its continuous efforts for a cashless future, Zalopay has been continuously honored at many prestigious forums and awards such as "Golden Payment Intermediary" at the NAPAS Customer Conference 2024, "Typical Fintech Company 2024" at the Vietnam Outstanding Banking Awards announcement ceremony. The strategic product Zalopay Multi-Function QR has also continuously received many prestigious awards such as: Digital transformation products and solutions for the community at the Vietnam Digital Awards 2024, Top 100 innovative products and services (POY 2024), Top 10 good Vietnamese products - for consumer rights in 2024.
| Looking Back at 2024 is a special content series on the VNG website to summarize the outstanding achievements of VNG and its product lines in 2024. The series depicts the creative journey and persistent efforts of the VNG team in a year full of difficulties and challenges as well as honoring the positive community values that VNG's products bring to society. |
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