# VNPay

> Source: https://docs.barcoder.ai/docs/wallets/vnpay
> research date 2026-05-29 · extracted at 2026-10-07
> Publisher: Barcoder — encyclopedia of QR, barcode and payment-code standards

Specifications:
- [VNPay — official](https://vnpay.vn/)

## Overview

**VNPay** is **Vietnam's leading QR payment gateway**, serving **~40% of Vietnam's population** <sup>[1][1], [2][2], [Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup>. **VNPay leads in transaction volumes + user base + has built the broadest merchant network among Vietnamese payment providers**.

**Vietnam QR macro (2025)** <sup>[2][2]</sup>: **QR codes = 54.67% of all Vietnamese transactions** — Vietnam's micro-merchant-dominant economy embraces QR for zero-cost deployment.

**2025 regulatory boost** <sup>[3][3]</sup>: **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** <sup>[4][4]</sup>: **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"** <sup>[5][5]</sup>.

## History

**2007 — VNPay founded** <sup>[1][1]</sup>: Vietnam payment gateway pioneer.

**2010s — Vietnamese bank-integration expansion** <sup>[1][1]</sup>.

**2025 — QR market dominance (54.67%); Circular 25/2025 zero-fee mandate** <sup>[3][3]</sup>.

**June 2026 — POS terminal VNPAY QR mandate** <sup>[4][4]</sup>.

## 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](https://docs.barcoder.ai/docs/standards/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

**2025 baseline** <sup>[1][1], [2][2]</sup>:
- **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)](https://docs.barcoder.ai/docs/wallets/momo-vietnam)** (M_Service; 23M+ active users; VN #1 super-app)
- **[ZaloPay](https://docs.barcoder.ai/docs/wallets/zalopay)** (VNG; Zalo 80.2M MAU funnel)
- **ViettelPay** (Viettel-led telco wallet)
- **[ShopeePay](https://docs.barcoder.ai/docs/wallets/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)](https://docs.barcoder.ai/docs/wallets/momo-vietnam) (VN #1 super-app) | [ZaloPay](https://docs.barcoder.ai/docs/wallets/zalopay) (VN messenger-led) | [VietQR](https://docs.barcoder.ai/docs/standards/vietqr) (national QR rail) | [PromptPay QR](https://docs.barcoder.ai/docs/standards/promptpay-qr) (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** <sup>[1][1], [2][2]</sup>:
- **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]: https://payatlas.com/payment-method/vnpay-5227 "VNPay coverage adoption — PayAtlas"
[2]: https://www.marketsandata.com/industry-reports/vietnam-qr-code-payments-market "VN QR market 2025 — Markets and Data"
[3]: https://en.vneconomy.vn/opportunities-for-qr-payment-growth.htm "VN QR payment growth Circular 25/2025 — VN Economic Times"
[4]: https://www.lytiscometal.com/news/FinTech_Base/POS_Hardware/Vietnam_Mandates_VNPAY_QR_Support_for_POS_Terminals_from_June_2026.html "VN POS-terminal VNPAY QR mandate Jun 2026 — Lytiscometal"
[5]: https://www.vietnam.vn/en/vnpay-duoc-vinh-danh-thuong-hieu-manh-viet-nam-2025 "VNPAY Strong Brand of Vietnam 2025 — Vietnam.vn"
[vn-cro]: https://docs.barcoder.ai/docs/payments/VN

- [1] [VNPay coverage adoption — PayAtlas][1]
- [2] [VN QR market 2025 — Markets and Data][2]
- [3] [VN QR payment growth — VN Economic Times][3]
- [4] [VN POS-terminal VNPAY QR mandate — Lytiscometal][4]
- [5] [VNPAY Strong Brand of Vietnam 2025 — Vietnam.vn][5]
- <sup>[Viet Nam report](https://docs.barcoder.ai/docs/payments/VN)</sup> In-corpus: `reports/countries/VN-vietnam.md`

## Source

Biography extracted from [vnpay.md](https://docs.barcoder.ai/source/wallets/vnpay). See `matrix.md` for standards-support matrix if present.