Recently launched a third-party payment service “Douyin Pay”, which will compete with two major players such as Ant Group’s Alipay and Tencent’s WeChat Pay to grab the Chinese payment market.
ByteDance’s app Douyin has as many as 600 million daily active users. In the past, users could use Alipay or WeChat Pay to “tremble inside” anchors or make purchases on the platform.
Douyin payment has been launched in China, and currently only available for Douyin in China. ByteDance stated that Douyin Pay as a supplement to several major payment methods, can better serve Douyin users.
Zhang Yiming, the founder of ByteDance, acquired Wuhan Hezhong Yibao Technology Co., Ltd. last year, which already had a third-party payment license in 2014. Douyin is the main source of revenue for Bytedance. Douyin’s e-commerce business is expanding, with hundreds of millions of users spending every day.
According to the analysis data of the Chinese market research company Analysys, China’s third-party payment market is dominated by Alipay and WeChat Pay. Alipay’s market share in Q2 last year reached 55.39%.