![]() Reuters reported that the set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin, the Chinese version of TikTok. With its payment service, ByteDance's Douyin joins the ranks of mobile payment giants such as Ant Group's Alipay and Tencent's WeChat Pay. According to Alipay's official website, it has over one billion users worldwide. The entrance of Douyin into the mobile wallet and payment scene could be a significant one, given that the platforms currently has over 600 million daily users, as multiple media outlets reported in September last year. According to South China Morning Post, ByteDance said it has helped more than 22 million content creators earn over 41.7 billion yuan (US$6.1 billion) in 2020, and is hoping to raise the number to 80 billion yuan (US$12.3 billion) in 2021. MARKETING-INTERACTIVE has reached out to ByteDance for additional information. While Douyin has ventured into the mobile payment service, its counterpart in US TikTok has gotten creative with the use of its platform and recently launched its first TikTok musical, Ratatouille. The musical was spurred from user-generated content, when a user uploaded a love ballad dedicated to “Remy,” the main character in Disney/Pixar’s Ratatouille. Building on that content, another user uploaded a new version of the ballad, which gained popularity online. It led to the creation of an account which made a video calling for community submissions to help bring the musical to life. The idea then eventually turned into a fully-fledged virtual Broadway show with the help Broadway veterans, which was streamed earlier this month.Ĭloser to home in Southeast Asia, ByteDance launched its own music streaming app called Resso in Indonesia last year. With a small team, TechNode provides timely news and thoughtfully researched articles for worldwide readers interested in learning more about the Chinese tech industry.The app targets the Gen Z and Millennials in Indonesia, and is aimed at encouraging everyday music listeners to express themselves on a global stage. 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.Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. 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.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. 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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