Douyin app has officially launched Douyin Pay, taking aim at Alibaba's Alipay and Tencent's WeChat Pay in the digital payment market.
On January 19, according to 'paibaike,' Douyin pay was officially launched in the Douyin APP. The relevant person in charge of Douyin stated that Douyin payment, as a supplement to several primary payment methods, can better serve Douyin users.
The payment service agreement of Douyin Pay shows that the functions of Douyin payment mainly include recharge, cash withdrawal, transfer and inquiry. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications.
Early in September 2020, ByteDance obtained a payment license through the acquisition of Hezhong Payment. Follow-up has continued in order to promote the implementation of payment services.
Internet giants are currently gradually challenging WeChat Pay and Alipay, the most widely used payment tools in China.
In January 2020, Pinduoduo obtained a payment license through the acquisition of PayTong; in September, Ctrip obtained a payment license through the wholly-owned acquisition of Shanghai State-owned Oriental Huirong; in November, Kuaishou obtained a payment license through the acquisition of Yilian Pay. In January 2021, Bilibili also completed the registration of payment domain names.