VNPT PAY - VNPT's essential payment platform

Published: November 24, 2017
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VNPT Pay is an electronic payment platform of Vietnam Posts and Telecommunications Group. The platform was developed by VNPT Media Corporation, and was granted permission in the field of intermediary payment by the Governor of the State Bank of Viet Nam on July 6th 2017. Through VNPT Pay, individuals can make payment online and enterprises can make trade transactions quickly and conveniently.

From a global trend...

According to experts, e-payment has become a global revolution for trade transactions. Large technology groups like Apple, Google, Samsung and fintech companies (technology companies in the finance sector) are all racing to develop e-wallets and mobile payment technologies allow people to make payment not only on smartphones but also on smart watches like Apple Watch, Samsung Galaxy Gear or Fitbit Ionic.

Following that trend, large service providers like Google, Apple all have their own payment platforms (Google Wallet, Apple Pay). This not only brings them advantages in distributing their products, but also helps them to make use of their existing customer bases to their develop payment system.

To a potential market...

Facing with that trend, Vietnam has more opportunities to let electronic payment platforms develop strongly as the retail market grows remarkably while bank cards and smartphones are widely used.

Survey research result announced in the 2017 Future Potential for the Retail Sector in May 2017 showed that, Vietnam belongs to the top 3 destinations for investors who are interested in Asian retail markets. In 2016, Vietnam's retail market reached 118 billion USD with a 10% growth.

VNPT PAY - VNPT's essential payment platform

Vietnam Posts and Telecommunications Group now has a large customer base with rising demand for bill and service payment. Possessing an owned payment system is VNPT's inevitable mission that follows the development direction of large groups in the world. In general, VNPT has the advantages to develop a payment infrastructure system, aiming at the goal of building a complete payment and e-commerce ecosystem like Google's and Apple's.

Going in the direction that the Leaders of the Group have set, VNPT-Media is building and completing a centralized payment system for VNPT. To this moment, the payment gateway VNPT Pay has all features to provide the following services: Centralized payment gateway, Auto payment gateway and E-Wallet, not only for VNPT's services but also for the services of other organizations. However, the foremost goal of this payment platform is to serve VNPT's customers, allowing them to make payment for VNPT's services through all existing interfaces of VNPT such as centralized Customer Portal, provincial Web Portal, payment channels developed by VNPT-Media (VNPT Pay Website, VNPT Pay App)...

On July 6th 2017, the State Bank of Vietnam officially granted VNPT-Media the license to provide intermediate payment system. VNPT-Media has all the legal conditions to provide commercial payment service.

To this moment, VNPT Pay has been deployed successfully in all provinces. The system allows top-up for all VinaPhone subscribers, allowing payment through QR code in VNPT Pay App; all customers that have payment accounts opened at the State Bank of Vietnam can use this system. This platform is also used to pay for HCC service (integrated Igate of Tien Giang)

With superior features that follow the global trend, VNPT Pay is an electronic payment platform essential for the development of VNPT. After being deployed in the market, VNPT Pay is reaching perfection to become a leading payment and e-commerce ecosystem of VNPT in the future.

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