![]() ![]() ![]() Obtaining third-party payment business licenses through acquisition has become common practice among Chinese internet giants since the central bank stopped issuing new ones indefinitely in 2016.Īccording to Chinese business news outlet LatePost, Douyin won the rights to be the exclusive “red packet” partner of China Central Television’s (CCTV) Spring Festival Gala this year, a massive advertising opportunity highly contested among tech companies due to the wide viewership of the program. Tencent -backed on-demand services company Meituan and Didi have both rolled out microloan services. Online deals giant Pinduoduo unveiled its Duoduo Wallet payment app in December while ride-hailing firm Didi launched Didi Pay in July, an e-payment platform that can be used for the company’s services including ride and taxi hailing, bike sharing, and public transportation. It has also been hiring globally, and notably in Singapore, for a team to build cross-border payments solutions. (Source: Min.news)īeijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay. Users are now able to select the Douyin Pay option on the short-video app. It also continues to offer payment options from Ant Group’s Alipay and Tencent ’s WeChat Pay.īyteDance, together with Bilibili, Meituan, Pinduoduo and Didi, are the latest companies to vie for a share of China’s payments sector which is currently dominated by Alipay and WeChat Pay, amid the Chinese government’s crackdown on monopoly practices in the country’s internet sector.Īlipay and WeChat Pay account for more than 90% of the mobile payments market in China, according to iResearch. The new payment service allows users to link their accounts to a number of lenders including Bank of China, China Construction Bank and Agricultural Bank of China to make purchases within the app, which has 600 million daily active users. SEE ALSO: ByteDance’s Douyin Releases 2020 White Paper on Travel Vloggers The establishment of Douyin Pay “is to supplement the existing major payment options, and to ultimately enhance the user experience on Douyin,” the company told Pandaily on Wednesday. Thanks to the huge number of users, Douyin Pay has the potential to become the third biggest mobile payment tool in China after WeChat Pay and Alipay.Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market. The payment service currently supports paid live webcasts and live commerce, and includes a reward function. The strong number of users provide a solid base for the launch of its payment service, Douyin Pay. UnionPay is undoubtedly on the top of the list of beneficiaries, followed by the payment services from other internet giants such as JD Pay and Ping An Pay. Huawei and ByteDance (Douyin) are two other players worth keeping an eye on too.ĭouyin is the Chinese version of ByteDance-owned video-sharing app TikTok and has more than 600 million daily active users in China. Potential players to benefit from the change to payments in China Almost 85% of merchants on Taobao supported the option as of August 2021. Taobao, the online marketplace from Alibaba Group, has also become the company’s first platform to accept UnionPay as one of its online payment options. Meanwhile, Alipay has been rolling out payment QR codes for UnionPay in Beijing, Shenzhen, Guangzhou, Tianjin, Xian and other major cities in China since 2020 and will cover every city across China by March 2022. ![]() Mini-programs on Tencent’s WeChat app, which are sub-applications such as Tencent Video, WeRead and JD.com, are also getting access to UnionPay, whose app will also be made available to make top ups to QQ Music and Tencent Video. Users can now scan WeChat payment QR codes with UnionPay’s app to complete payments in every major city across China. Changes on WeChat PayĪccording to Tencent, WeChat Pay has been available on UnionPay’s app for offline payments since September 2021. However, in the past few months, we’ve seen a push from the Chinese government to the tech giants to open up the market including to giant state-owned card network UnionPay. This is resulting in greater support across platforms and a shift in the dominance of some players. ![]() There are more than 850 million mobile payment users in China, and the two largest mobile payment providers, Tencent’s WeChat Pay and Ant Group’s Alipay, hold more than 90% of the market. ![]()
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