Douyin Pay set to rival Big 2 apps
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Douyin debuted its payment service Douyin Pay yesterday, which could shake the dominance of Alibaba and Tencent in the market segment.
Douyin, which has more than 600 million daily active users, plans to promote Douyin Pay during the Spring Festival next month. During the festival, Chinese people often give red packets as gifts, representing good luck for the new year.
鈥淭he release of Douyin Pay (Douyin Zhifu) will supplement existing major payment options and enhance user experiences on Douyin,鈥 company officials said in a statement.
Currently, Internet giants Alibaba and Tencent dominate the market with AliPay and WeChat Pay, facilitating more than 80 percent of domestic online transactions.
ByteDance is another industry giant for short videos, social media and artificial intelligence algorithms, which may change the payment industry landscape in China, analysts said.
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