Business Report
Zalopay
A Vietnamese payments platform, increasingly the rails on which the country's everyday financial life runs.
2025 Financial and Operating Performance
Revenue increased 47% to VND 1,111 billion, underpinned by a 76% year-on-year expansion in Total Payment Volume (TPV). Revenue from financial services, including lending, investment, and insurance, grew by 413%, providing the clearest evidence yet that Zalopay has evolved beyond a payments-only business into a more durable, diversified financial platform.
Strategic Progress in 2025
2025 marked Zalopay’s arrival at operational maturity. After several years of sustained investment in brand awareness, we made a deliberate shift from broad user acquisition to deepening engagement within our existing ecosystem. The economics followed. Financial services revenue grew 5x, not through increased marketing spend, but because users moved from single payments to saving, borrowing, and investing on-platform. In parallel, we embedded Zalopay into the fabric of Vietnam’s daily life, from the HCM Metro and healthcare facilities to cross-border QR payments across five Asian markets. We achieved this expansion without compromising the investment discipline established in 2022. The segment continues to operate within our committed the financial envelope, and the path to break-even is clearer at any point in our history.
Financial and operational scorecard
| Metric | 2024 | 2025 |
|---|---|---|
| Total Revenue (VND B) | 754 | 1,111 (+47% YoY) |
| Total Payment Volume (TPV) | +39% | +76% |
| Active Users | (8%) YoY | +40% |
| Financial Services Revenue | +149% | +413% |
| Cross-Border QR Markets | 5 |
Key initiatives delivered during 2025 included:
- Launched cross-border QR payments across Singapore, Japan, South Korea, Malaysia, and China. Zalopay is the first Vietnamese payment platform to offer this at scale, enabling travellers to pay in VND with transparent, real-time exchange rates.
- Logistics Innovation: Introduced Zalopay POD (Payment on Delivery). This digital QR alternative to cash-on-delivery automates reconciliation for enterprise delivery partners and mitigates cash-handling risk for frontline drivers.
- Public Infrastructure Integration: Accelerated the digitalization of public services by integrating Zalopay across the HCM Metro, hospitals, and schools, and standardizing the VietQR experience wherever Vietnamese citizens interact with public infrastructure.
- Security & Fraud Prevention: Partnered with the State Bank of Vietnam and NAPAS to pilot SIMO, a real-time warning system that flags suspicious recipient accounts during transfers — protecting users before funds move, not after.
- National Digital ID Integration: Enabled identity-linked payments with the Ministry of Public Security, connecting Zalopay services directly to VNeID, Vietnam's national digital identity platform.
2025 marked Zalopay’s first VND 1 trillion in revenue, with strong user and usage growth - moving beyond scale toward trust and relevance.
Market Position and Operating Environment
Vietnam's digital payments market reached roughly USD 178 billion in Gross Transaction Value in 2025, with the industry’s centre of gravity shifting toward financial services embedded within existing digital ecosystems. While mobile banking apps are closing the gap on basic payment functions, Zalopay's competitive advantage lies in its breadth of integration - inside Zalo, inside public services, and increasingly inside merchant checkouts — and 62% e-wallet penetration is the starting position from which we can compound.
Key Considerations
Switching costs in Vietnamese digital payments are genuinely low. Users hold multiple apps and move between them with little friction. Consequently, our long-term retention depends on whether the financial products layered on top of payments — lending, investment, and insurance — prove valuable enough to keep users with us by choice rather than habit.
2026 Strategic Priorities
- Continue tightening the operating model to position Zalopay for break-even, with capital directed toward higher-margin financial services and enterprise payment infrastructure rather than consumer incentives.
- Apply AI to personalize the financial services layer — deepening engagement across our portfolio of eight financial products by matching the right product to the right user at the right moment.
Notable awards
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Top 10 Most Innovative & High-Performing Enterprises 2025 (VIE10)
Viet Research in collaboration with Finance & Investment Newspaper (Ministry of Finance)
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Top Industry 4.0 Vietnam 2025
Industry 4.0 Awards Vietnam
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Sao Khue Award 2025 (Zalopay POD – Payment on Delivery)
VINASA
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Gold Award Member of the Year 2025”
NAPAS Client Conference
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Leadership in Cross-Border Initiatives
Visa Vietnam Client Forum 2025
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Unified Wallet Pioneer
Mastercard Customer Forum 2025
