![]() Other players include JD.com's JD Pay, Baidu Wallet, and Meituan Pay.ĭoes WhatsApp's new privacy policy spell the end for your privacy? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below. 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. The ByteDance logo (REUTERS) Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay ByteDance founder. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay, the country's two ubiquitous third-party mobile payment channels, to buy virtual gifts for livestreamers or items from shops on the platform. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group’s Alipay and Tencent Holdings’ WeChat Pay, the country’s two ubiquitous third-party mobile. Douyin Pay allows users to link bank cards from 10 Chinese commercial banks such as Bank of China and China Merchants Bank. The red packets, a tradition of gifting small sums of money, will help Douyin promote its new payment service that competes with WeChat Pay during the show next month. It provides a glimpse of what TikTok could eventually become, as Douyin started selling merchandise in 2017 and now operates a growing e-commerce operation where hundreds of millions of users shop on a daily basis.īyteDance's expansion comes as China's financial regulators are tightening oversight over financial technology firms, particularly companies such as Ant Group.Ĭhina's third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 percent of the total market in the second quarter of last year, according to market researcher Analysys. Typical payment scenarios in Douyin include tipping livestreaming hosts, purchasing goods endorsed by merchants as well as buying paid-for content. Global App Spending on Christmas Grew 35 Percent in 2020: Sensor Towerĭouyin is the main revenue generator for ByteDance. Douyin Pay, which functions similarly to reigning Chinese electronic wallets WeChat Pay and Alipay, aims to supplement existing major payment options, and to ultimately enhance user experience.
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