![]() Users can, for instance, receive a cash-filled electronic red packet from a Douyin campaign and deposit that cash to their bank accounts. The license, in turn, allows Douyin, Toutiao and other ByteDance services to offer payment features. Last September, a company controlled by ByteDance founder Zhang Yiming bought out a payments solution provider called Wuhan Hezhong Yibao Technology Co. Like other internet firms, Douyin parent ByteDance snapped up a coveted payments license by acquiring a third-party payments firm. All in all, Alipay and WeChat Pay handle about 90% of China’s electronic payments. ![]() Other internet giants, such as e-commerce giant JD.com and food delivery service Meituan, have also tried luring people to use their own payment methods, though the market duopoly is hard to break. In china most of the digital payments are operated by the Alipay and WeChat. Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough. TikTok owner Byte Dance launches Douyin Pay, its mobile payment service for. Users can be directed to a product link while watching a video of an influencer reviewing, say, a lipstick. Payment is a natural step for Douyin, which has a growing e-commerce business. “The set-up of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” a Douyin spokesperson said. The short video app recently added “Douyin Pay” to its list of existing payment options, which have included Alipay and WeChat Pay. The latest entrant in online payments is Douyin, TikTok’s Chinese version. With a small team, TechNode provides timely news and thoughtfully researched articles for worldwide readers interested in learning more about the Chinese tech industry.Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers. Douyin had also recently launched Dou Fenqi (literally translated as Dou Installments), a feature that allows users to pay their bills in monthly installments, Chinese media reported. The company in October 2019 launched a lending app, providing users with consumer credit, installment payments, and credit card services.The business model, known as livestreaming e-commerce, has seen massive growth in China since 2019. Bytedance is building an e-commerce platform on Douyin around its active livestreaming community.Payments are processed by Ulpay, the Hubei-based firm it acquired in 2018.Ĭontext: An in-house payment tool is essential to many of Bytedance’s offerings, including e-commerce and lending services.Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. The app previously supported WeChat Pay and Alipay.Bytedance said in a statement to TechNode that Douyin Pay was rolled out by the company to “supplement the existing major payment options.” A Bytedance spokesperson said the feature had been available for a while and was previously in test mode.The payment method allows users to buy virtual gifts for livestreamers and pay for goods on the app’s e-commerce platform. Together they hold nearly 95% of China’s online payment market, according to iResearch (in Chinese), a market research firm.ĭetails: Douyin recently added Douyin Pay onto its checkout page, Chinese media reported Tuesday. E-commerce behemoth Alibaba’s Alipay and internet firm Tencent’s WeChat Pay, a feature inside the instant messaging app WeChat, are the two dominant players in the market. ![]() ![]() The company in September inherited (in Chinese) a payment license from a small payment firm based in the central province of Hubei it acquired two years ago. Bytedance’s ambition to tap into the payment sector have long been hampered by China’s strict finance regulations.Why it matters: Douyin, the domestic version of TikTok, is one of China’s most used apps with 600 million monthly active users as of September. TikTok’s Chinese owner has rolled out an e-wallet feature on its Douyin video-sharing app, a move that could pose a significant threat to the Alipay and WeChat duopoly in China’s mobile payment sector. ![]()
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