Hezhong Yibao obtained a third-party payment license from the central bank in 2014. 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 payment channels, to buy virtual gifts for live streamers or items from shops on the platform.īyteDance founder and CEO Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. "The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin," Douyin said in a statement. "With proper settings, Douyin is able to form a closed-loop from attracting customers with products to facilitating their purchase via the Douyin app.Beijing-based ByteDance launched on Tuesday its third-party payment service for the Chinese version of its hit short video app TikTok, "Douyin Pay", as it presses to expand into the e-commerce business in China. "As an open platform, Douyin has shown robustness in its commercialization potential," said Maggie Wang, president of Miaozhen Systems' business intelligence and analytics unit.
And through initiatives like developing Douyin Stores, Douyin is looking to build its e-commerce system instead of being a mere marketing channel for other e-tailers. The report said the lines of social networking sites, short videos and e-commerce are being increasingly blurred. The ambition has been exemplified by its latest move to establish a dedicated e-commerce business unit, according to a December report on China's social marketing landscape by data marketing technology firm Miaozhen Systems and the China Advertising Association last month.
With 600 million daily active users, Douyin is becoming a fast-rising avenue for brands to draw new users, retain customers and promote products.
"We are seeing short videos, livestreaming, online education gain extra steam in translating traffic into transactions during this period of time." As a result, payment services are crucial to reviving business and spurring consumption," said Wang Pengbo, an analyst at consultancy Analysys. "Social distancing due to the COVID-19 pandemic has prompted consumers to spend more time online. The brokerage said mobile payments can effectively increase purchase frequency by 23 percent, thus playing a significant part in driving domestic consumption. The company also confirmed that Douyin would partner with China Central Television on the distribution of virtual red packets, which has become a tradition in the Spring Festival Gala in recent years, the most-watched event of the year in China.Ĭhina's mobile payment market is expected to surpass 600 trillion yuan ($92.76 trillion) in 2020 and will continue to enjoy high-speed growth, according to a report by Hua Chuang Securities. Alipay and WeChat Pay, for instance, have their respective QR codes, a common form of digital payment through which customers proceed to payment after merchants scan the codes using a special machine.īyteDance has applied for the "Douyin Pay" trademark, according to corporate information tracker Tianyancha.
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The company said currently Douyin Pay has no QR code available for conducting offline transactions. Typical payment scenarios in Douyin include tipping livestreaming hosts, purchasing goods endorsed by merchants as well as buying paid-for content.ĭouyin Pay allows users to link bank cards from 10 Chinese commercial banks such as Bank of China and China Merchants Bank. It said the new function was launched only recently but had gone through several batches of test runs. The setup of Douyin Pay is to "supplement the existing major payment options, and to ultimately enhance user experience on Douyin", said ByteDance, the company behind Douyin, told China Daily on Wednesday. While making a purchase via Douyin, customers can choose to pay via "Douyin Pay", in addition to Alipay and WeChat Pay, the more conventional online payment options offered by third-party payment firms. Popular short video app Douyin has entered China's massive digital payment market with its mobile payment services, looking to tap into the sector which has among others Alibaba Group Holding Ltd's Alipay and Tencent Holdings Ltd's WeChat Pay. A logo of Douyin is seen on an advertisement at a bus stop in Beijing, Aug 24, 2020.
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