ByteDance launches mobile payment service Duoyin Pay

Beijing-based ByteDance launched its third-party payment service Douyin Pay on Tuesday as part of its foray into the e-commerce space in China.

“The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” the company said in a statement.

The service was set up by ByteDance founder and CEO Zhang Yiming after acquiring Wuhan Hezhong Yibao Technology which obtained a third-party payment license from the central bank in 2014.

Douyin had 600m daily active users and was the main revenue generator for ByteDance.

It began selling merchandise in 2017 and now operated a growing e-commerce operation.

However, Douyin would face rivals from China’s third-party payment sector including Alipay and WeChat Pay, with the former enjoying 55.39% of the total market in the second quarter of 2020.

Other rivals included JD.com’s JD Pay, Baidu Wallet and Meituan Pay.