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.Get Started on China Digital Marketing With a tech-savvy population of 1.4-billion, China is an opportunity brands should not ignore. On top of these, Douyin also has Mini Douyin Programs which enabled brands to open an online store within the app. Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. This is also made possible with its own payment system called DouyinPay. 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.Owned by Bytedance, China’s fourth internet giant outside the BAT group (Baidu. TikTok is known in China as Douyin (literal meaning: shaking sound). The payment method allows users to buy virtual gifts for livestreamers and pay for goods on the app’s e-commerce platform. CHINESE PLATFORM SPOTLIGHT: The Chinese counterpart of TikTok is a social and ecommerce platform that is helping brands and marketers in China and opening doors for overseas brands. 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.
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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. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. Bytedance’s ambition to tap into the payment sector have long been hampered by China’s strict finance regulations. China’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 of the total market in the second quarter of last year, according to market researcher Analysys.In 2020 (and in 2018), the international version of Douyin, Tik Tok, was the most downloaded iPhone app in the world. 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. Douyin is one of the few applications that has enjoyed wild popularity inside and outside China. 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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