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.Payment: launched in January 2021, similar to AliPay or WeChat Pay. Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. Owned by the Chinese tech giant ByteDance, Douyin is often portrayed as the Chinese.
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.
Chinese users have been able to make payments directly from Douyin for more than four years, thanks to third-party.
#Douyin bytedance douyin pay wechat pay license#
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. Douyin is a localized Chinese version of the popular video platform TikTok. Bytedance’s ambition to tap into the payment sector have long been hampered by China’s strict finance regulations. The new mobile payments service, Douyin Pay, will compete with the likes of Tencents WeChat Pay and Alibabas Alipay.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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