In January 2021, Bilibili also completed the registration of payment domain names. 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. Internet giants are currently gradually challenging WeChat Pay and Alipay, the most widely used payment tools in China. Follow-up has continued in order to promote the implementation of payment services. Douyin, the China-only sister company of TikTok, has quietly launched a new in-app payment feature called Douyin Pay, nestling the option alongside services offered by rivals Alibaba and. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications.Įarly in September 2020, ByteDance obtained a payment license through the acquisition of Hezhong Payment. The payment service agreement of Douyin Pay shows that the functions of Douyin payment mainly include recharge, cash withdrawal, transfer and inquiry. 'The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,' Douyin said in a statement to Reuters on Tuesday. The relevant person in charge of Douyin stated that Douyin payment, as a supplement to several primary payment methods, can better serve Douyin users. Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China. On January 19, according to 'paibaike,' Douyin pay was officially launched in the Douyin APP.
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