TikTok China (Douyin) has launched an e-wallet to compete with Alipay and WeChat

Douyin Pay has been added as a new payment method on the app, alongside Alipay and WeChat Pay

TikTok China (Douyin) has launched an e-wallet to compete with Alipay and WeChat | BEAMSTART News

TikTok China, also known as Douyin, has just launched a new e-wallet solution.

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.

In the past, users on Douyin had to leave the app to make payments on Alipay or WeChat Pay.

E-Commerce on the Douyin app.

Just last September, Douyin's parent company, ByteDance, acquired a payment solutions provider, Wuhan Hezhong Yibao Technology Co., which owned a payments license.

The license would legally allow ByteDance's companies to operate payments and e-wallet features in their products/services/apps in China.

E-Wallet payments in China using Alipay.

Douyin isn't the only company that is attempting to break into the payments market. 

Other internet giants, such as e-commerce giant and food delivery service Meituan, have also tried the same, but breaking Alipay and WeChat Pay's dominant presence has been a challenging feat.

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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