VNPay vs MoMo vs ZaloPay (2026) — Which to Accept as a Merchant in Vietnam?
If you're a merchant deciding what to accept at checkout in Vietnam, VNPay, MoMo and ZaloPay are three of the names you'll weigh — but they aren't the same kind of thing. This compares them from the merchant's side: reach, integration, and typical fees. For the consumer-wallet angle, see MoMo vs ZaloPay vs ViettelPay. Fees are indicative ranges — confirm current rate cards with each provider.
At a glance
| Dimension | VNPay | MoMo | ZaloPay |
|---|---|---|---|
| Type | Bank-backed gateway + QR | E-wallet + gateway | E-wallet (VNG / Zalo) |
| Backed by | Banks + NAPAS rails | M_Service (MoMo) | VNG, tied to Zalo |
| Consumer reach | Broadest — any bank app via VietQR | Largest single wallet base | Zalo messaging ecosystem |
| Best channel | Web & app checkout, QR at POS | Consumer apps, QR, mini-apps | In-Zalo commerce, QR |
| Integration | Gateway SDK / hosted page | Wallet API + QR | Wallet API + QR |
| Typical merchant fee | ~1.5–2.2% (varies by rail/contract) | ~1.5–2.5% (varies) | ~1.5–2.5% (varies) |
| Best for | Broadest coverage in one integration | Reaching MoMo-first consumers | Brands active on Zalo |
Deep-Dive Gateway & Wallet Breakdown
VNPay
Bank Gateway & VietQR NetworkMoMo
Dominant Consumer WalletZaloPay
Zalo Chat EcosystemWhich should you choose?
- Start with VNPay for the broadest coverage from a single integration.
- Add MoMo to capture the largest dedicated wallet audience.
- Add ZaloPay if your brand and customers already live on Zalo.
Frequently asked questions
Which payment method should a Vietnamese merchant enable first?
For the widest coverage from a single integration, VNPay is the common first choice — its VNPay-QR and gateway let customers pay from almost any bank app plus wallets, so you capture the broadest base at once. Then add MoMo to reach its very large wallet audience directly. ZaloPay makes most sense if your brand is active on Zalo. Many merchants enable VNPay plus MoMo and let volume decide whether ZaloPay is worth a third integration.
Is VNPay a wallet or a gateway?
VNPay is primarily a bank-backed payment gateway and QR network rather than a consumer wallet you top up. Its strength is reach: VNPay-QR is interoperable with the bank apps of dozens of Vietnamese banks through the national rails, so a single VNPay integration accepts payments from customers who never installed a standalone wallet. MoMo and ZaloPay, by contrast, are consumer e-wallets with their own stored balances and large in-app audiences.
What are typical merchant fees for MoMo, ZaloPay and VNPay?
Merchant discount rates in Vietnam typically land in the ballpark of ~1.5–2.5%, but the exact figure depends on your rail (bank transfer/QR vs wallet vs card), your monthly volume, your category, and your negotiated contract. QR/bank-rail transactions are often cheaper than card or wallet-funded ones. Treat any single number as indicative and confirm the current rate card and settlement terms directly with each provider.
Do I need all three?
Usually not at once. The cost of each integration — engineering, reconciliation, and settlement handling — is real, so most merchants start with the combination that covers the most customers for the least overhead: a broad gateway (VNPay) plus the dominant wallet (MoMo). Add ZaloPay when your audience skews to Zalo or when data shows meaningful drop-off from shoppers who prefer it.