Several years ago, Tencent promoted WeChat Pay during Spring Festival. Chinas 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. Attraverso lapp, gli utenti possono creare brevi clip di durata variabile (dai 15 ai 600 secondi) ed eventualmente modificare la velocità di riproduzione, aggiungere filtri, effetti particolari e suoni ai loro video. "The release of Douyin Pay (Douyin Zhifu) will supplement existing major payment options and enhance user experiences on Douyin,” company officials said in a statement.Ĭurrently, Internet giants Alibaba and Tencent dominate the market with AliPay and WeChat Pay, facilitating more than 80 percent of domestic online transactions.īyteDance is another industry giant for short videos, social media and artificial intelligence algorithms, which may change the payment industry landscape in China, analysts said.ĭouyin will partner with China Central Television during Spring Festival broadcasts. TikTok, conosciuto anche come Douyin ( S, Duyn P) in Cina, è un social network cinese lanciato nel settembre 2014, inizialmente con il nome musical.ly.
During the festival, Chinese people often give red packets as gifts, representing good luck for the new 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.Douyin debuted its payment service Douyin Pay on Tuesday, which could shake the dominatance of Alibaba and Tencent in the market segment.ĭouyin, which has more than 600 million daily active users, plans to promote Douyin Pay during the Spring Festival next month. 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. 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. 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.
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.
#DOUYIN BYTEDANCE CHINESE DOUYIN WECHAT PAY LICENSE#
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.
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