![]() The set-up of Douyin Pay is to supplement the existing major payment options. With features like red packets, WeChat Pay has eaten away at Alipay's market share.ĭuring the Spring Festival, users of Toutiao, Douyin and other ByteDance apps can take part in promotions in which they receive money from the company and then transfer it to their linked bank accounts during red-packet giveaways, Douyin officials said. TikTok owner ByteDance launches Douyin Pay, its mobile payment service for China. Several years ago, Tencent promoted WeChat Pay during Spring Festival. "The release of Douyin Pay (Douyin Zhifu) will supplement existing major payment options and enhance user experiences on Douyin,” company officials said in a statement.Ĭurrently, Internet giants Alibaba and Tencent dominate the market with AliPay and WeChat Pay, facilitating more than 80 percent of domestic online transactions.īyteDance is another industry giant for short videos, social media and artificial intelligence algorithms, which may change the payment industry landscape in China, analysts said.ĭouyin will partner with China Central Television during Spring Festival broadcasts. During the festival, Chinese people often give red packets as gifts, representing good luck for the new year. ![]() Users can, for instance, receive a cash-filled electronic red packet from a Douyin campaign and deposit that cash to their bank accounts.Douyin debuted its payment service Douyin Pay on Tuesday, which could shake the dominatance of Alibaba and Tencent in the market segment.ĭouyin, which has more than 600 million daily active users, plans to promote Douyin Pay during the Spring Festival next month. 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. The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user. The latter two are offered by, respectively, Ant Group, an affiliate of Alibaba Group Holding, and Tencent Holdings. ![]() 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. BEIJING: Beijing-based ByteDance launched on Tuesday its third-party payment service for the Chinese version of its hit short video app TikTok, Douyin Pay, as it presses to expand into the e-commerce business in China. Users of Douyin, ByteDance’s Chinese version of TikTok, recently discovered that they have been offered an additional payment option for in-app purchases, called Douyin Pay, alongside the existing Alipay and WeChat Pay. Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough. 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. Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers.
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