Here we will be talking about Vietnam-based VNLIFE VNPAY 250m Corporation Joint Stock Company, which is located in Vietnam and is focused on improving the modern banking environment. It raised an amazing $250 million in subsidies as part of its Series B financing round. It basically deals with helping in the investment of private companies. Early partners include SoftBank Vision Asset 1, VNLIFE, GIC, and others. It is showing great zeal to improve the banking environment of its country’s system.
Table of Contents
A spin through VNLIFE VNPAY Corporation
The organisation was co-founded in 2007 by Tri Manh Tran and Mai Thanh Binh, former presidents of Vietnam Esports. At the time, it was claimed by Ocean Gathering, one of the largest gaming organisations in the country. At the heart of Vietnam-based VNLIFE 250m 1b Asia is the financial innovation unit VNPAY, which controls the versatile applications of 22 banks in the country, including top loan specialists such as Agribank, Vietcombank, VietinBank, and BIDV. According to VNLIFE, banking applications allow more than 15 million monthly mobile shoppers to transfer cash, cover bills, purchase portable credits, book transport tickets, and even food.
The organisation additionally operates VNPAY-QR, an interoperable credit-only instalment network serving 22 million clients and 150,000 shippers. Other contributors to VNLIFE include VNTravel and another retail division that plans to help digitalize their collaboration.
The Modern Network VNLIFE Corporation
The usage is increasing day by day, making it prominent in all areas of business, instalments, and banking, and this pattern will surely help the organisation later. VNLIFE has proactively demonstrated its capabilities to achieve market leadership in each segment while helping to digitise the framework and leading the country towards long-term financial development. A significant impact can be seen in laying the groundwork. In fact, General Atlantic was pleased to be limited to sponsoring its next development phase with VNLIFE Corporation.
VNPAY QR
VNPAY has outperformed most of its competitors in the subsidised computerised instalments industry. Although VNPAY does not function as an e-wallet, VNPAY QR is still looking for clients and merchants with advanced wallets like MoMo or Moca. VNPAY competitor MoMo recently raised about US $232.7 million in speculation, according to Tech in Asia. Moreover, MoMo acquired an artificial intelligence startup last year to leverage information from its 25 million registered clients more efficiently. The shocking part is that an estimated 70% of Vietnam’s population is not at all enrolled in banking. This shows that the entryway is still wide open for players who can make a difference in their financial management and actualize the information gained.
VNPAY Pay
Series B Subsidy Round Broad Atlantic, run by PayPal Adventures and EDBI. Vietnam Life is hitting on the point of Vietnam’s advanced banking focus, and its innovation is currently offering JSC, Vietnam’s Assistant, Vietnam Assistant, and Vietnam Support. – The firm works with an additional 22 million clients and more than 1.5 million traders; the country’s most extensive intercontinental credit is the only episode network, VNPAY QR.
VNPAY and its Competition
With more than 40 e-wallet providers, there is hardcore competition in the Vietnamese market. The three leading e-wallets—Mom, Moca, and ZaloPay—account for 90% of the market share.
Even so, the big e-wallets are having a hard time as they have failed to show their competitive advantage over applications developed by traditional banks that have caught up with e-wallet functions.
Mr. Tran Van Trong, Chief of Office of the Vietnam E-commerce Association (Vecom), said that there are too many intermediary payment service providers, but they are not synchronized, which is not serving the users but creating confusion for them.
VNPAY has launched a new version of its e-wallet. VNPay is well known for its QR code payment network. VNPay is said to have officially achieved “unicorn” status after a funding round last year from Softbank Vision Fund and state investment fund GIC.
The cashless payment market will develop very strongly in the next 3-5 years. In particular, Mobile Money and e-wallets will be key services to help cashless payments capture the remaining large market share in the online payment picture in Vietnam.
To attract users and merchants, e-wallet providers have had to offer more discounts and come up with more marketing strategies. The advantage will belong to the e-wallet that has many features, utilities, and incentives to retain users.
Quick payment via VNPAY-QR code
VNPAY-QR boasts wide coverage in all fields with more than 120,000 payment acceptance points. Thus, wherever customers go, they will easily see the presence of VNPAY-QR from checkout counters in supermarkets, restaurants, cafes, cinemas, and clothing and accessories stores. With VNPAY-QR, customers can enjoy the speed and convenience of cashless payment.
It is quite easy to use as customers need only to download the VNPAY e-wallet app on the App Store or Google Play, register an account, identify information and link with a bank account to start using payment utilities on the wallet.
Make payments faster at home.
VNPAY is an all-in-one e-wallet for users to pay bills for electricity, water, internet, television, and school fees for their children, as well as top up their phones.
“Stay where you are” and open a VNPAY e-wallet on your phone. With a few simple steps, users can pay their living expenses whenever and wherever.
