It started selling merchandise online in 2017 and currently has millions of shoppers.
Douyin is the main revenue generator for ByteDance. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications. Douyin users have been using rival payment services from Ant Group’s Alipay and Tencent Holdings’ WeChat Pay. The payment service agreement of Douyin Pay shows that the functions of Douyin payment mainly include recharge, cash withdrawal, transfer and inquiry. Livestream Shopping is a nearly $ 70 billion industry in China, attracting influencers looking for markets and shopping malls for items to buy for live audiences via social media. Douyin Pay enables users to buy virtual gifts on the platform, according to a Reutersreport. Users of the app can link bank accounts to the service, which can then be used to pay for products promoted by video influencers, as well as to tip content producers.īyteDance said it will gradually introduce the feature to users.ĭouyin, which listed more than 600 million daily active users last year, has grown rapidly from its short video roots to live streaming and e-commerce.
The move makes the technology giant enter China’s lucrative market for electronic payment services, used by hundreds of millions of consumers for everything from street food to fast shopping and online shopping. Thanks to the huge number of users, Douyin Pay has the potential to become the third biggest mobile payment tool in China after WeChat Pay and Alipay.Beijing: TikTok owner ByteDance has launched an electronic payment service connected to Douyin, the Chinese version of the popular short video app, the technology giant said on Tuesday.ĭouyin Pay, which functions similarly to the ruling Chinese electronic wallets WeChat Pay and Alipay, is aimed at “complementing existing payment options and ultimately improving user experience”, ByteDance told AFP. The payment service currently supports paid live webcasts and live commerce, and includes a reward function. ByteDance, the owner of the short video app TikTok, launched third party payment service Douyin Pay on Tuesday to expand the e-commerce business in China. The strong number of users provide a solid base for the launch of its payment service, Douyin Pay. Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, on Tuesday as it presses to expand into the e-commerce business in China, reported Reuters.
How does Douyin pay compete with WeChat and Alipay. UnionPay is undoubtedly on the top of the list of beneficiaries, followed by the payment services from other internet giants such as JD Pay and Ping An Pay. Huawei and ByteDance (Douyin) are two other players worth keeping an eye on too.ĭouyin is the Chinese version of ByteDance-owned video-sharing app TikTok and has more than 600 million daily active users in China. In January 2021, Douyin (Chinas TikTok), a short video-sharing platform, launched an in-app eWallet Douyin Pay. Potential players to benefit from the change to payments in China Almost 85% of merchants on Taobao supported the option as of August 2021. Taobao, the online marketplace from Alibaba Group, has also become the company’s first platform to accept UnionPay as one of its online payment options. Meanwhile, Alipay has been rolling out payment QR codes for UnionPay in Beijing, Shenzhen, Guangzhou, Tianjin, Xian and other major cities in China since 2020 and will cover every city across China by March 2022. Mini-programs on Tencent’s WeChat app, which are sub-applications such as Tencent Video, WeRead and JD.com, are also getting access to UnionPay, whose app will also be made available to make top ups to QQ Music and Tencent Video. Users can now scan WeChat payment QR codes with UnionPay’s app to complete payments in every major city across China.
Changes on WeChat PayĪccording to Tencent, WeChat Pay has been available on UnionPay’s app for offline payments since September 2021. However, in the past few months, we’ve seen a push from the Chinese government to the tech giants to open up the market including to giant state-owned card network UnionPay. This is resulting in greater support across platforms and a shift in the dominance of some players. There are more than 850 million mobile payment users in China, and the two largest mobile payment providers, Tencent’s WeChat Pay and Ant Group’s Alipay, hold more than 90% of the market.