ByteDance’s launch of new mobile payments on Chinese version of TikTok
ByteDance has launched its own payments service for Douyin, the Chinese version of its video app TikTok.
Currently, Douyin’s 600 million daily active users can buy virtual gifts for streamers or from stores on the site through Alipay and WeChat Pay.
However, now ByteDance is also offering a Douyin Pay option, taking advantage of the third-party payment license it acquired when it bought Wuhan Hezhong Yibao Technology last year.
Unlike TikTok, Douyin users can already sell merchandise since 2017 and it is now used by millions of people to shop everyday, according to Reuters.
The new launch will be a further step of ByteDance’s venture into the FinTech and e-commerce industry.
This move is set to challenge the duopoly of WeChat Pay and AliPay, each has a 55.4% share and 38.5% share, respectively, in China’s mobile third-party payment market at the end of June last year, according to research firm Analysys.
Other Chinese hi-tech giants, including Meituan and Pinduoduo, are also expected to compete in mobile payments, as per reported by South China Morning Post.