Wallets/vnpay
VNPay
0 standards supported
Overview
VNPay is Vietnam's leading QR payment gateway, serving ~40% of Vietnam's population [1, 2, vn-cro]. VNPay leads in transaction volumes + user base + has built the broadest merchant network among Vietnamese payment providers.
Vietnam QR macro (2025) [2]: QR codes = 54.67% of all Vietnamese transactions — Vietnam's micro-merchant-dominant economy embraces QR for zero-cost deployment.
2025 regulatory boost [3]: Circular 25/2025 mandates zero fee on QR, making VNPay's QR competitive; VNPay's 24-hour settlement + multi-currency support locks exchange rates at purchase moment — attractive for cross-border tourists.
June 2026 mandate [4]: Vietnam mandates VNPAY QR support for POS terminals — extending VNPay's national-rail status to all VN POS hardware.
2025 honor: VNPAY honored as "Strong Brand of Vietnam 2025" [5].
History
2007 — VNPay founded [1]: Vietnam payment gateway pioneer.
2010s — Vietnamese bank-integration expansion [1].
2025 — QR market dominance (54.67%); Circular 25/2025 zero-fee mandate [3].
June 2026 — POS terminal VNPAY QR mandate [4].
Ownership & operator
Operating entity: VNPay (Vietnam National Payment Joint Stock Company).
Major shareholders: SoftBank Vision Fund, GIC Singapore (historic 2020 reported $300M Series B).
Regulator: SBV (State Bank of Vietnam) — Intermediary Payment Service license.
Technical integration
| Layer | Description |
|---|---|
| Channels | VNPay merchant QR + VNPay app + VNPay online checkout API |
| Identifiers | QR + card number |
| VN rail | vietqr (NAPAS national QR) — VNPay primary distributor |
| Settlement | 24-hour merchant settlement |
| Multi-currency | Locks exchange rates at purchase moment (cross-border-friendly) |
| Customer base | Bank-integrated (40+ VN banks) + thousands of merchants |
| 2025+ regulatory | Circular 25/2025 zero-fee QR + Jun 2026 POS-terminal VNPAY QR mandate |
Users & growth
- VN consumer penetration: ~40% of VN population
- QR market share: 54.67% of all VN transactions
- Top-5 VN wallets (MoMo + ZaloPay + ViettelPay + ShopeePay + VNPay) combined: ~65%
- Broadest VN merchant network among payment providers
Use cases
VN merchant QR payments (54.67% of VN transactions); online checkout API (e-commerce); bank-integrated wallet payments (40+ VN banks); cross-border tourist payments via multi-currency rate-lock; 24-hour merchant settlement.
Implementations & partners
Operator: VNPay (Vietnam National Payment JSC).
Major investors (historical): SoftBank Vision Fund, GIC Singapore.
Banking partners: 40+ Vietnamese banks integrated.
Major VN wallet competitors:
- [[momo-vietnam]] (M_Service; 23M+ active users; VN #1 super-app)
- [[zalopay]] (VNG; Zalo 80.2M MAU funnel)
- ViettelPay (Viettel-led telco wallet)
- [[shopeepay]] (Sea Group)
Regulator: SBV.
Fun facts
- 2007 founding — VN payment-gateway pioneer.
- ~40% VN population consumer penetration.
- QR = 54.67% of VN transactions (2025) — VNPay dominant gateway.
- Broadest VN merchant network.
- Circular 25/2025 zero-fee QR mandate — regulatory boost.
- June 2026 POS-terminal VNPAY QR mandate.
- "Strong Brand of Vietnam 2025" honoree.
- SoftBank Vision Fund + GIC-backed.
Comparison
| Feature | VNPay | [[momo-vietnam]] (VN #1 super-app) | [[zalopay]] (VN messenger-led) | vietqr (national QR rail) | [[promptpay]] (TH analogous national QR) |
|---|---|---|---|---|---|
| Operator | VNPay (Vietnam National Payment JSC; SoftBank + GIC backed) | M_Service JSC | ZION JSC (VNG) | NAPAS (VN national switch) | Bank of Thailand |
| Type | VN QR-led wallet + national payment gateway | VN #1 super-app + e-wallet | VN messenger-led super-app | VN national QR rail | TH national QR rail |
| Country | Vietnam | Vietnam | Vietnam | Vietnam | Thailand |
| Users | ~40% VN population | 23M+ active | Zalo 80.2M MAU; ZaloPay rapid growth | National | 60M+ |
| Distinctive | QR 54.67% VN transactions (2025); broadest merchant network; Jun 2026 POS mandate; Circular 25/2025 zero-fee | VN #1; Mizuho Series E unicorn | Q1 2026 +117% revenue | National QR backbone | TH national QR + cross-border (8 ASEAN) |
Status
Active, Vietnam's QR-leading payment gateway [1, 2]:
- VNPay (Vietnam National Payment JSC) since 2007.
- ~40% VN population usage + 54.67% QR market share.
- 2025 Circular 25/2025 zero-fee QR + Jun 2026 POS-terminal mandate.
- "Strong Brand of Vietnam 2025" honor.
- SBV-regulated.
Sources
- 1 VNPay coverage adoption — PayAtlas
- 2 VN QR market 2025 — Markets and Data
- 3 VN QR payment growth — VN Economic Times
- 4 VN POS-terminal VNPAY QR mandate — Lytiscometal
- 5 VNPAY Strong Brand of Vietnam 2025 — Vietnam.vn
- vn-cro In-corpus:
reports/countries/VN-vietnam.md
Source
Biography extracted from vnpay.md. See matrix.md for standards-support matrix if present.