With a high number of users, ViettelPay became the fastest fintech application in Vietnam in 2019, in the context of more and more fintech companies.
Late last year, Vietnam had 154 fintech companies, up by 71 percent against the previous year.
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ViettelPay is expected to triple the number of its regular customers compared to 2019 and increase the number of its transaction points nationwide to 120,000 |
In 2019, nine months since launching the salary payment service for businesses, ViettelPay has more than 4,000 partners with a cash payment flow of nearly VND 800 billion a month.
With this salary payment service, ViettelPay has helped troops and workers in remote and mountainous areas, on islands, and in border areas receive their salary in a fast, safe, convenient and accessible manner. Moreover, 450 schools in 20 cities nationwide have used ViettelPay to collect tuition fees.
Convenient to deposit and withdrawal from Viettel’s transaction points, ViettelPay users can transfer money to 40 domestic banks and withdraw money at all ATM in Vietnam free of charge.
Attentively, ViettelPay users can save money right on their phones with the highest interest rate in the market (currently 8 percent a year).
Last year, the average cash flow through ViettelPay reached VND 50,000 billion each month with 40 million transactions.
According to Pham Trung Kien, Director of Viettel Digital Services-a subsidiary of Viettel Group, the company wants to serve more than 90 million Vietnamese people, regardless of their social position, living condition, or location.
“ViettelPay is an individual fintech product for all,” said Kien.
Viettel is actively preparing infrastructure, personnel, technology, and more to catch up with booming development opportunities when the Government allows mobile money in Vietnam.
This year, ViettelPay is expected to triple the number of its regular customers compared to 2019 and increase the number of its transaction points nationwide to 120,000.
In addition, ViettelPay users will be able to experience 95% of the digital environment, payment by face ID, and Electronics Know Your Customer (eKYC) application using artificial intelligence technology.
Also this year, a new loan service- a strategic product of ViettelPay will be deployed. Accordingly, all procedures are conducted online and customers are required to show their ID cards without proving their income. Notably, the product offers an interest rate that is 30% lower than similar products.
Translated by Mai Huong