Vietnamese startup Loship launches food delivery on Sacombank and ViettelPay e-wallet platforms

Loship, Vietnam’s leading one-hour e-commerce delivery company, has announced its collaboration with ViettelPay and Sacombank Pay to integrate its product offerings into the e-wallet platforms.

The partnership aims to bring a wide range of online delivery benefits for millions of e-wallet users across Vietnam, further accelerating the adoption of digital payments.

Homegrown in Vietnam, Loship offers the most effective distribution networks in Vietnam, filling the massive demand for immediate deliveries in a bustling and modern life, with a wide range of services including food delivery (Loship), grocery delivery (Lomart), ride-hailing (Lo-xe), medicine delivery (Lomed), laundry service (Lozat), package delivery (Lo-send), flower delivery (Lo-hoa) and B2B supply delivery (Lo-supply).

Loship now has a fleet of 70,000+ drivers and 200,000+ merchants, serving 2,000,000+ customers across four big cities of Hanoi, Ho Chi Minh City, Da Nang, and Can Tho — all dedicated to fulfilling the Vietnamese consumers’ one-hour delivery needs.

“At Loship, innovation is part of our DNA. We’re striving every day to deliver amazing experiences to our customers, fulfilling our mission to improve the quality of Vietnamese lives. We see the collaboration with Sacombank Pay – the nation’s most successful bank-backed wallet and ViettelPay – one of the country’s leading e-payment providers as a big step in Vietnam’s journey toward digital revolution. Together we’ll bring to customers a seamless digital experience, pushing further the adoption of cashless payments in Vietnam,” shared Loship CEO Trung Hoang Nguyen.

How online payments became the new normal

With a population of nearly 100 million and more than 60% of which is the young, Vietnam is a potential market for the development of fintech, especially e-wallets. Vietnamese users have become accustomed to the convenience of using e-wallets to manage their everyday spending, especially amid the COVID-19 outbreak when people are urged to switch to non-cash payments to reduce the risk of infection.

About 15 million Vietnamese people use Internet banking and mobile banking services each month during the pandemic, according to the State Bank of Vietnam’s statistics. Also, data from the National Payment Corporation of Vietnam (via International Finance) suggests a 76% growth in online transactions during the first few months of 2020.

Bringing food delivery to e-wallet apps

Similar to the rapid growth of digital payments, food delivery services are also on a roll. According to the latest report by IMARC Group, the Vietnam online food delivery market grew at a CAGR of 38% during 2014-2019, and the market is forecasted to exhibit double-digit growth during 2020-2025.

The partnerships between the two fast-growing fields are expected to lift Vietnam’s digital landscape, which can increase the number of use cases for digital wallets and accelerate customer acquisition.

“The COVID-19 outbreak and its aftermath have prompted many more Vietnamese households to embrace digital payments. Noticing this opportunity, Loship has joined hands with multiple e-wallet providers to serve the growing digital needs of Vietnamese people, as well as help accelerate the country’s digital transformation,” shared Loship CEO Trung Hoang Nguyen.

ViettelPay, backed by Vietnam’s largest mobile network operator Viettel Group, is the nation’s leading e-payment service provider. Via a smartphone app, ViettelPay enables payments to companies (utilities, transport providers, airtime providers, etc) and individuals (either to mobile wallets or bank accounts).

On the other hand, Sacombank is known as the Top 3 National Bank in Vietnam with the largest customer base. In 2018, Sacombank released Sacombank Pay which is a financial management application for not only Sacombank’s but also other banks’ users, providing customers with appealing experiences in digital banking.

According to the Loship CEO Trung Hoang Nguyen, the rationale behind cooperating with different e-wallet providers is that Loship wants to enhance users’ experience and bring along more added values in online food delivery, as well as to promote cashless payments.

Upon the service integration, millions of Sacombank Pay and ViettelPay users will now be able to access the full suite of Loship services directly from the homepage of their applications, making it a seamless journey from food ordering to digital payment. Beyond that, by the end of 2020, Loship’s food delivery service will also be available on two more other payment platforms. Other benefits include cross-platform vouchers and promotions relevant to and personalized for their respective customers.