Vietnam is a country in Southeast Asia with a population of 100 million, and a rapidly growing economy with a current GDP of USD 450 billion. The country has a young and tech-savvy population, deep into offering tech hardware, engineering solutions and digital marketing offerings to companies across the world. Vietnam also has a global crypto adoption index rank of #1 as per Chainalysis 2022 index.
The penetration of credit cards in the country is low with only 0.08 credit cards per capita. While debit cards are more in number, they are primarily used for cash withdrawal or utility purchases. Either of these is unsuited for digital assets onramp and offramp in the country
By contrast, alternate payment methods are much more popular in Vietnam with Momo, Viettel pay, Zalo pay and Airpay widely prevalent across the local population. Momo with nearly 50%+ users and Viettel pay with 25% users are the most popular local payment methods. In addition, Viet QR launched by NAPAS, enables QR code based payments from local banks, something that has become very popular since the Covid crisis.
TransFi is focused on fiat-to-crypto onramp and offramp in emerging markets, in particular Asia, with the widest suite of local payment methods in local currencies, 80%+ conversion rates, and with low fees. An integration with TransFi enables exchanges, wallets and DeFi protocols to offer their users the ability to buy and sell crypto with all the popular payment methods in Vietnam including Momo, Viettel pay, Zalopay and Viet QR.