The license, in turn, allows Douyin, Toutiao and other ByteDance services to offer payment features. Request more info ADCHINA.IO The AdChina.io Operation Team works with partners to help international businesses set up Alipay or WeChat Pay as their online and mobile payment method in China. Last September, a company controlled by ByteDance founder Zhang Yiming bought out a payments solution provider called Wuhan Hezhong Yibao Technology Co. Set up Alipay or WeChat Pay as your online and mobile payment method in China, and start seeing revenues coming in from your Chinese customers.
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Like other internet firms, Douyin parent ByteDance snapped up a coveted payments license by acquiring a third-party payments firm. All in all, Alipay and WeChat Pay handle about 90% of China's electronic payments.
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These stores have features such as campaign banners, brand recommendations, vouchers, product recommendations, and offline store information. In March 2021, it also launched flagship stores for brand accounts. and Tencents WeChat Pay, the two dominant mobile payment apps in China. First released in 2011, it became the worlds largest. In January of 2021, Douyin introduced Douyin Pay to compete with other Chinese giants like Alipay and WeChat Pay. Douyin users can choose Douyin Pay to make purchases within the Chinese sister. 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. Indeed, Douyin already offers payment options from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Pay, the two dominant mobile payment apps in. WeChat is a Chinese instant messaging, social media, and mobile payment app developed by Tencent. Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough. Users can be directed to a product link while watching a video of an influencer reviewing, say, a lipstick. Payment is a natural step for Douyin, which has a growing e-commerce business. By introducing Douyin Pay in China, Bytedance is entering the Chinese mobile payment market, which is currently dominated by Alibaba’s Alipay (54 market share) and Tencent’s Wechat Pay (39 market share).
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