Lotte Card teams up with Vietnam’s ZaloPay for payment service

[Courtesy of Lotte Card Co.]

South Korea’s Lotte Card Co. said on Wednesday that its subsidiary in Vietnam has signed a strategic business partnership agreement with Zalo Pay, a leading electronic wallet company in the Southeast Asian country for Buy Now Pay Later (BNPL) service.

Under the agreement, ZaloPay, a subsidiary of VNG Group operating Zalo, Vietnam’s third-largest electronic wallet company with over 10 million users, will collaborate with Lotte Finance Co. for the launch of the BNPL service scheduled for the end of this month.

Once the service is launched, customers will be able to receive credit limits through applications on ZaloPay’s app or website.

They can then recharge their electronic wallets, enabling them to pay back in a lump sum or spread their payments over several months at relatively low interest rates.

“Through the BNPL service, we will strive to facilitate convenient financial lifestyles for Vietnamese consumers and establish ourselves as a solid mid-sized financial company in Vietnam,” said Kong Sung-sik, general director of Lotte Finance.