![]() ByteDance’s move into domestic Chinese mobile payments had been expected for several months. It started selling merchandise online in 2017 and currently has millions of shoppers. Douyin is the main revenue generator for ByteDance. WeChat Pay is a payment feature integrated into the WeChat app, users can complete payment quickly with smartphones. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups Alipay and Tencent Holdings WeChat Pay, the countrys two ubiquitous third-party mobile. 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. Douyin users have been using rival payment services from Ant Group’s Alipay and Tencent Holdings’ WeChat Pay. Several years ago, Tencent promoted WeChat Pay during Spring Festival. Douyin only dipped into ecommerce in 2019, but has already raked in 76 billion in GMV in 2020, more than tripling its 2019 total, according to the Chinese. "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. 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. Tencents WeChat Pay and Alibabas affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers. ![]()
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