Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers. The latest entrant in online payments is Douyin, TikTok’s Chinese version.
The short video app recently added “Douyin Pay” to its list of existing payment options, which have included Alipay and WeChat Pay.
“The set-up of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” a Douyin spokesperson said.
Payment is a natural step for Douyin, which has a growing e-commerce business. Users can be directed to a product link while watching a video of an influencer reviewing, say, a lipstick. Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough.
Other internet giants, such as e-commerce giant JD.com and food delivery service Meituan, have also tried luring people to use their own payment methods, though the market duopoly is hard to break. All in all, Alipay and WeChat Pay handle about 90% of China’s electronic payments.
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