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


Carl Adrian

20 Jan, 2021

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 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.

Already a member?

Sign in to read this article & enjoy the following:

  • Access to members-onnly content, events, and more
  • Connect with a global community of CEOs, Business Owners, and more.
  • Free Business Feature & Profile Listing
  • Post Unlimited Jobs & Hire Talent Effectively
  • Connect with Investors and Fundraise
  • Search through entire members, companies, and investors directory
  • and lots more!

Latest Jobs

VP of GTM Strategy and Revenue Operations

TRM Labs

Full Time

USD 200000 — USD 220000 yearly

Full-Stack Engineer

BLISSWAY

Colorado,

Full Time

Salary Undisclosed

Senior Recruiter (U.S. - remote)

authzed

Full Time

USD 110000 — USD 135000 yearly

Software Engineer (Product, Design)

Coast

New York,

Full Time

USD 140000 — USD 200000 yearly

Product Intern (6 months)

Hypotenuse AI

Internship

Salary Undisclosed

AI Engineer

Fathom

Full Time

USD 130000 — USD 160000 yearly

Full Stack Engineer (India)

VectorShift

Full Time

USD 20000 — USD 30000 yearly

UX Product Designer

just words

California,

Contract

USD 50000 — USD 100000 yearly

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2024 BEAMSTART. All Rights Reserved (Legal).