![]() They already have a platform with hundreds of millions of users, and it is logical to offer a payment service to them. It should not prove to be an issue for ByteDance however, to struggle in the payment space. There are also other players like Baidu Wallet, Meituan Pay, and JD.com's JD pay. Alipay alone has a whopping 55.39% share of the total market in the second quarter of last year, according to market researcher Analysys. Also, the third-party payment sector is already dominated by Alipay and WeChat Pay. This expansion into China's payment space comes at the moment when Chinese financial regulators are increasing oversight over fintech firms, particularly Ant Group. In 2017, Douyin started selling merchandise, and currently operates a growing ecommerce operation where shopping is done daily by hundreds of its millions of users. Her content is generally aimed at demonstrating recipes, but she accompanies this with selling beauty and body products. A Chinese food and beauty blogger, Hasi Food () did a whopping 303 live broadcasts in November 2021 alone, achieving sales of RMB 418 million. The firm acquired (Hezhong Yibao) already obtained a third party payment license from China’s Central Bank in 2014.ĭouyin, being the main revenue generator for ByteDance, provides a glimpse of what TikTok could become. TikTok in China, which is commonly known as Douyin introduced its own online payment method. A: She has over 5 million followers on Douyin. last year in a move to build up ByteDance payment capability in China. Zhang Yiming, founder and Chief Executive of Bytedance, acquired Wuhan Hezhong Yibao Technology Co. Now, they can also use Douyin Pay for the same reasons they used Alipay and WeChat Pay. They could use the two (Alipay and WeChat Pay), China’s two largest by market size and ubiquitous payment services, to buy virtual gifts for livestreamers or items from shops on the platform. In a statement to Reuters on Tuesday, Douyin said that Douyin Pay was set up to supplement the existing payment options on the platform, and also to enhance user experience.ĭouyin’s users, now totaling 600 million daily active users, had the options of using for payments on the platform, Ant Group’s Alipay and Tencent Holding’s WeChatPay. Official pages on Chinese social networks such as Weibo or Douyin. Wang shares the video lectures, typically one to three minutes long, on WeChat and Douyin, TikTok’s Chinese sister app. ![]() It was reported on Tuesday by local Chinese media that Douyin Pay has been launched. Today, every Chinese WeChat user has his/her own WeChat wallet to pay for everyday. The launch of Douyin Pay shows the company’s ambition to expand into ecommerce in China. Douyin is the Chinese version of ByteDance’s popular short video app, TikTok. However, according to a sample survey conducted by Zhongtai Securities, the number of merchants settled in Douyin accounted for only 34%, 26%, and 10% of those in Meituan in three business districts.Inclusion Times / Ifeanyi Macdonald Ugochukwu īyteDance, based in Beijing, has recently launched its third party payment service for Douyin, Douyin Pay. SEE ALSO: Tencent Launches Cross-Border Payment Platform for E-Commerce BusinessĪ report from Douyin in January 2023 revealed that its daily life service business had achieved an annual GMV of 77 billion yuan ($11.2 billion) in 2022, covering 370 cities and over one million merchants. On the homepage of food delivery giant Meituan, 44 daily life service sections are subdivided, covering take-out, retail consultant, parent-child and so on. Douyin is now leveraging these advantages to offer daily life services, including food, clothing, housing, and transportation. 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. The latest move allows Douyin users to complete ordering food and paying on the platform without opening other apps.Īlthough Douyin has not yet launched its own payment QR code, as its business grows, the possibility can not be ruled out.ĭouyin boasts advantages in traffic and algorithms, which have helped increase the exposure of stores and store users’ preferences. Previously, it was reported that Douyin supported scanning QR codes to order food. It quickly made headlines in China, where 800 million individuals and 10 million vendors already use Tencent’s WeChat Pay, and citizens have generally grown skeptical about whether trading their. As TikTok’s sister app in China, Douyin’s business scope has expanded to e-commerce and daily life services.Ĭurrently, users’ online code scanning is mainly for dining and shopping payments. It is not surprising that Douyin now supports third-party payment by scanning QR codes. ByteDance’s short video app Douyin has begun supporting Alipay’s collection code, a mobile and online payment platform, to finish payments, though the function is not available for Tencent ‘s super app WeChat just yet, Tech Planet reported.
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