Douyin Pay is quietly launched: parallel to Alipay and WeChat

Multiple media reported that Douyin Pay has been quietly launched in the Douyin APP, and users can choose to link and bind the cards with savings cards and credit cards of multiple banks before using it.

The main payment methods in Douyin include anchor rewards, paid live broadcasts, and orders. The page shows that in addition to Douyin payment, users can still choose Alipay or WeChat. However, referring to the practices of some manufacturers before, after the Douyin payment customer base grows, Alipay, WeChat, etc. may be folded or even cancelled. After all, Douyin currently has more than 600 million daily active users.

In the user agreement of Douyin Pay, the service provider is Wuhan Hezhong Yibao Technology Co., Ltd. The equity penetration information of Qichacha shows that the ultimate beneficiary of Wuhan Hezhong Yibao is ByteDance founder Zhang Yiming, who holds a 99% stake.

In addition, some believe that without its competitor Pinduoduo, Douyin is close to winning the qualification of exclusive red envelope interactive partner for CCTV's Spring Festival Gala in the Year of the Ox. Obviously, its own payment service is expected to greatly attract new users by taking advantage of this national event.

According to the information, ByteDance applied for the "doupay" trademark in November last year, and douyinpay.com also quietly emerged.