ZaloPay, the financial services arm of VNG, said that it is the first Vietnam-based digital wallet to partner with ecommerce giant Shopify.
Through this collaboration, ZaloPay and Shopify have set their sights on promoting the “brand.com website model” in Vietnam. This model allows enterprises to create and run their own websites, expanding their sales channels beyond general ecommerce platforms.
“Furthermore, ZaloPay hopes to strengthen relationships with new partners who are active brands on the Shopify platform,” Le Lan Chi, CEO of ZaloPay, said in a statement.
In the first quarter of 2023, the number of Shopify stores in Vietnam grew 11.5% quarter over quarter and 41% year over year.
Shopify is a Canada-headquartered commerce tool that helps its clients start and grow their retail businesses. The company’s deal with ZaloPay adds to its list of partnerships with Asian firms, including Thailand-based ecommerce enabler aCommerce and Chinese ecommerce major JD.com.
As for ZaloPay, earlier this year, it made its cashless solution available on Grab’s Vietnam app.
Although around 69% of the Vietnamese population are categorized as underbanked, the volume of cashless payments surged by 53.5% in the fiscal year ending in March 2023.
See Also: Mapping Vietnam’s latest fintech battlefield: digital lending
Editing by Miguel Cordon and Dhania Putri Sarahtika
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