Currently, Tencent's Tenpay, which includes WeChat pay, and Alibaba's Alipay control the largest share of the pie, with almost 94 percent of the Chinese mobile payment market, according to consumer data provider Statista. It remains to be seen whether Douyin Pay will become a threat to Alipay or Wechat Pay, but there is no doubt that the exclusive partnership is a major opportunity for Bytedance, and something that the two tech giants Alibaba and Tencent follow closely. Douyin launched its own payment service on January 19, joining an already crowded market.
The move is a scoop for Douyin Pay and can potentially attract hundreds of millions of consumers onto Douyin Pay´s platform.
#Douyin chinese pay china wechat pay code
The hosts of the Spring Festival Galla will reveal a code which the viewers will have to use on their phones to get the red envelopes. It is now commonplace to use mobile platforms to send digital ’red envelopes’. It is also what brands typically hand out as coupons or vouchers. The red envelope is a traditional Chinese monetary gift signaling future prosperity that parents and grandparents usually give to their children.
#Douyin chinese pay china wechat pay tv
The Gala is broadcasted on the eve of the Chinese New Year, which last year had over 1.2 billion viewers, making it the world’s most-watched TV broadcast.ĭuring the show, Douyin will have the exclusive right to sponsor and issue 1.2 billion yuan (185 million USD) in the form of ’red envelopes’ directly to the viewers. According to Reuters, Douyin has in an aggressive move sued Tencent Holdings (owner of Wechat) for alleged monopolistic behavior, and asked for 13.94 million USD, so the battle is on.īytedance’s CEO, Zhang Nan, has announced that Douyin will be an exclusive partner of the Spring Festival Gala 2021 TV show next week. It may therefore become increasingly difficult for the existing players such as AliPay, Wechat Pay and now Douyin Pay to compete in the arena of payments.Ĭompetition is fierce, and currently Tencent´s Wechat is preventing users from sharing content from Douyin. This happens alongside tighter regulations for the tech giants, which was exemplified by Ant Financials IPO being taken of the table following Jack Ma’s speech about slow progress and innovation among Chinese regulators. When launching an official digital currency, the tech giants will no longer have a duopoly on digital payment solutions and the power will flow back in the direction of the state. With the introduction of an official, digital currency China is taking a further step on its digital transformation journey. But China is not only ahead when it comes to digital payment solutions.
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