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.
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.
Douyin isn't the only company that is attempting to break into the payments market.
Other internet giants, such as e-commerce giant JD.com 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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