Also called Douyin Zhifu (Douyin Pay), the new feature has recently been added as a new payment option for users when making purchases on the social app.
Moving into the payments space seemed like the natural step for Douyin, as the company has a growing e-commerce business.
The license would legally allow ByteDance's companies to operate payments and e-wallet features in their products/services/apps in China.
Douyin isn't the only company that is attempting to break into the payments market.
As of today, both Alipay and WeChat Pay dominate about 90% of China's payment market.
“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.
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