ViettelPay - the fastest growing FinTech app in Vietnam - expects triple regular users in 2020

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Feb 26, 2020, 20:17 ET

ViettelPay is the fastest growing fintech application in Vietnam in 2019
ViettelPay users are allowed to deposit savings at an interest rate of over 8%/year

HANOI, Vietnam, Feb. 26, 2020 /PRNewswire/ -- ViettelPay, launched by Viettel Digital Services - a member of Viettel Group, is the fastest growing fintech application in Vietnam in 2019 despite the number of fintech companies increased by 71% compared to 2018. ViettelPay now has more than 9 million users; while the number of regular users increases 6 times compared to the end of 2018. The average cash flow generated through ViettelPay reached VND 50,000 billion with 40 million transactions.

Among various benefits like transfer to 40 domestic banks, cash withdrawal at all ATMs and Viettel's service points in Vietnam, users of ViettelPay can also have saving account with interest rate at over 8% yearly, the highest in the market.

In 2019, ViettelPay's salary payment service has more than 4,000 partners with payment cash flow reaches nearly VND800 billion/month. ViettelPay is also providing fee payment service for 450 schools in 20 provinces and cities across Vietnam.

In 2020, the number of regular users of ViettelPay is expected to be tripled comparing to 2019 with 120,000 transaction points nationwide. ViettelPay's services will be provided with the assistance of Face ID, A.I. and eKYC (Electronic Know Your Customer).

Viettel's goal is to provide digital banking to everyone, everywhere. While certain fintechs only concentrate in urban areas, ViettelPay has invested nation-wide at the get-go.

Mr. Pham Trung Kien, General Director of Viettel Digital Services, a member of Viettel Group, said: "We want to serve more than 90 million people in Vietnam, regardless of who they are. ViettelPay is a personal financial product for everyone, including those in rural, remote and isolated areas, therefore it must be available seamlessly across the country."

SOURCE Viettel Group