#Douyin chinese pay china wechat pay license

and Tencents WeChat Pay, the two dominant mobile payment apps in China. With more than 600 million daily active users in China as of 2021, Douyin is one of the most promising and lucrative apps in the world. Users can, for instance, receive a cash-filled electronic red packet from a Douyin campaign and deposit that cash to their bank accounts. Douyin users can choose Douyin Pay to make purchases within the Chinese sister. The license, in turn, allows Douyin, Toutiao and other ByteDance services to offer payment features. Last September, a company controlled by ByteDance founder Zhang Yiming bought out a payments solution provider called Wuhan Hezhong Yibao Technology Co. It is extremely convenient that this online wallet is integrated into the WeChat social media. Technically, WeChat Pay works just like Alipay, by scanning a QR code. In 2019, the number of users reached 1.1 billion.

#Douyin chinese pay china wechat pay license

Like other internet firms, Douyin parent ByteDance snapped up a coveted payments license by acquiring a third-party payments firm. Although much younger than its main competitor Alipay, WeChat Pay is no less popular in China. All in all, Alipay and WeChat Pay handle about 90% of China’s electronic payments. Other internet giants, such as e-commerce giant JD.com and food delivery service Meituan, have also tried luring people to use their own payment methods, though the market duopoly is hard to break. Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough. Users can be directed to a product link while watching a video of an influencer reviewing, say, a lipstick. Payment is a natural step for Douyin, which has a growing e-commerce business. “The set-up of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” a Douyin spokesperson said. The short video app recently added “Douyin Pay” to its list of existing payment options, which have included Alipay and WeChat Pay. The latest entrant in online payments is Douyin, TikTok’s Chinese version. Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers.