Vietnam-based AppotaPay JSC, a subsidiary of game publisher Appota Group, has received a payment intermediary licence from the country’s central bank, according to an announcement.
The licence will allow AppotaPay to implement electronic wallet, payment gateways, and collection services.
Established in 2015, AppotaPay provides payment solutions for the digital entertainment industry. The company claims that it has over 1000 direct point of sale (POS) and 10.000 indirect POS systems, as well as 55 million-plus users.
The licence granted to AppotaPay has brought the total number of accredited digital payment firms in the country to 39, according to the State Bank of Vietnam (SBV).
In August, SBV approved the official licence for intermediary payment service provider 9Pay. The most recent authorised e-payment companies include Number Finance Information Technology JSC (1FINTECH), FPT Telecom JSC, VIDIVA Technology JSC and GPAY.
Currently, MoMo, Moca and ZaloPay are the three prominent e-wallets in Vietnam’s two main cities, accounting for more than 90 per cent of online payments, according to a survey by HCMC-based market research company Cimigo.
Vietnam’s digital payments market is projected to record a total transaction value of $8.6 billion in 2020. It is expected to grow at a CAGR of 16.4 per cent to hit $14.59 billion by 2024, according to Statista.com.
In September, we reported that Indonesia’s Gojek acquired a majority stake in Vietnam-based payments startup WePay Payment Services Co Ltd to secure the licence it needs to operate an e-wallet in the country.
Appota is a pioneer in providing digital entertainment content and technology solutions in the Vietnamese market. The company currently owns an ecosystem of more than 55 million users on the internet. It is one of the largest game publishers and the exclusive official partner to develop the Facebook Gaming Creator network in Vietnam.
In 2017, it raised an undisclosed Series C funding round from Korea Investment Partners (KIP). Mirae Asset Venture Investment, another Korean venture capital and buyout firm, also participated in the round. Other investors of the firm are Kiwoom Investment and Seoul Investment Partners.
Founded in 2011, Appota graduated from the Topica Founder Institute and secured its Series A funding from Vietnamese e-commerce company VNP Group in 2012 followed by a Series B round by Golden Gate Ventures and Japan’s GMO Global Payment Fund in 2014.