ByteDance launched a mobile payment service under the Chinese version of its TikTok brand, South China Morning Post reported, placing the company head-to-head with dominant rivals Alipay and WeChat Pay.
The newspaper reported comments from the company confirming the availability of Douyin Pay in China, with a representative adding it planned to supplement local payment options while enhancing the range of services it offers users of its core app.
Douyin is the Chinese version of short-form video sharing app TikTok, the brand used across most of the rest of the world. ByteDance also owns a number of other media and messaging apps including workplace collaboration tool Lark and India-focused social network Helo.
By making a play in China’s mobile payment sector, it goes up against massive and well-established brands including Tencent-owned WeChat Pay and Ant Group’s Alipay, which dominate the market.
The owners of the two principals also have interests in several financial services companies [1] across a number of other markets.
[1] https://www.mobileworldlive.com/money/news-money/tencent-invests-in-consumer-lending-specialist
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