AppotaPay greenlighted to provide intermediary payment services

AppotaPay becomes the latest player in Vietnam's e-payment landscape

The State Bank of Vietnam (SBV) issued Document No.74/GP-NHNN on the issuance of the licence for the provision of payment intermediary services to AppotaPay. Under this licence, the authorised payment intermediary service is electronic wallet, payment gateways, and collection services.

Set up in 2015, AppotaPay offers payment solutions for the digital entertainement industry. The company boasts 1,000 direct points of sale (POS) and 10,000 indirect POS systems, as well as 55 million-plus users. AppotaPay's partners are included almost Vietnam telecommunication companies, the card retailers and banking system to provide the best pricing for business. In addition, AppotaPay is directly connected to several famous game publishers in Vietnam, as well as reputable e-commerce platforms in various fields such as entertainment, travelling, and booking services.

With the latest license granted to AppotaPay, Vietnam is now home to 39 accredited digital payment firms in total, according to the SBV.

The competition in the e-wallet market is heating up with Moca, MoMo, and ZaloPay among the big players. According to the latest research by Cimigo, MoMo, Moca, and ZaloPay are the top three most popular e-wallets in the two main cities in Vietnam, which account for more than 90 per cent of the total market share of e-wallet users.

Appota Group is the pioneering company in providing technology solutions and digital entertainment content in Vietnam. Its comprehensive entertainment ecosystem is comprised of over 55 million users. The group is among the three largest game publishers and the official partner to the Facebook Gaming Creator network in Vietnam. In 2017, Appota closed its Series B round with Korea Investment Partners and Mirae Asset Venture Investment. In 2019, it received the fourth funding round.