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. Follow-up has continued in order to promote the implementation of payment services.
#Douyin douyin pay china wechat pay license#
Early in September 2020, ByteDance obtained a payment license through the acquisition of Hezhong Payment. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications. 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. The payment service agreement of Douyin Pay shows that the functions of Douyin payment mainly include recharge, cash withdrawal, transfer and inquiry. 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.
#Douyin douyin pay china wechat pay Offline#
Changes on WeChat PayĪccording to Tencent, WeChat Pay has been available on UnionPay’s app for offline payments since September 2021. presence in major Chinese Social network such as WeChat, RED or Douyin is. The business model, known as livestreaming. Bytedance is building an e-commerce platform on Douyin around its active livestreaming community. Context: An in-house payment tool is essential to many of Bytedance’s offerings, including e-commerce and lending services. Payments are processed by Ulpay, the Hubei-based firm it acquired in 2018. Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. 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. WeChat pay goes global: now Chinese tourists can scan QR codes and pay just as. The app previously supported WeChat Pay and Alipay. 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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