![]() 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.Other players include JD Pay, Baidu Wallet, and JD.com's Meituan Pay. to WeChat users: you get your /wallet (indeed another mobile payment. Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. China's third-party payments industry is dominated by Alipay and WeChat Pay, with the former taking 55.39 of the total market in the second quarter of last year, according to market researcher Analysys. added rival Tencent Holdings Ltd.s payment system to some of its apps, further widening cracks in the internet. Despite these initiatives Douyin remains a staple app among young Chinese. ![]() Douyin users can choose Douyin Pay to make purchases within the short-video app. The app previously supported WeChat Pay and Alipay. ByteDance has launched a new payment services within Douyin, the Chinese sister app of TikTok.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. Other players include JD.com's JD Pay, Baidu Wallet, and Meituan Pay. 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. China's third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 percent of the total market in the second quarter of last year, according to market researcher Analysys.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. To use it, users need to authenticate their real names first, and then they can add their savings and credit cards.Īt present, Douyin Pay does not charge fees for recharge, transfer and withdrawal, but Douyin also said that it does not rule out the possibility of adjusting the service fee charges in the future.ĭouyin has more than 600 million daily active users in China, data released earlier this month showed.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. Rita Liao / TechCrunch: Douyin, ByteDances Chinese version of TikTok, has launched e-wallet Douyin Pay to compete with Chinas dominant e-payment. Prior to that, in November, ByteDance applied for the trademark "Doupay" and the domain name .Īs for the launch of the payment service, 36kr quoted the company's sources as saying that Douyin Pay complements several major payment methods currently available to better serve Douyin users.ĭouyin Pay supports top-up, cash withdrawal, transfer and inquiry functions, and supports bank cards from ten banks. On December 24, 2020, Beijing-based ByteDance, the owner of TikTok, filed a trademark application for "Douyin Pay". Douyin, the Chinese version of TikTok, today launched Douyin Pay, a payment service that gives users the option to pay with it in addition to Alipay and WeChat Pay within the short video app.
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