Mobile Payments: The Next Battleground for Chinese Tech Giants
Users of Douyin, which accumulated 600 million daily active users, previously could use Alibaba's Alipay and Tencent 's WeChat Pay to buy virtual gifts for live-streamers or goods from shops on the platform. Recently, ByteDance 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.The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin.
Bilibili, the YouTube of China, has been recruiting payment business-related positions on its website since November last year. The company is ramping up efforts to expand its business into the domestic payments market and could be launching its own online payment system in the near future.
Meanwhile, online deals giant Pinduoduo unveiled its Duoduo Wallet payment app recently while ride-hailing firm Didi launched Didi Pay last year, an e-payment platform that can be used for the company’s services including ride and taxi hailing, bike sharing, and public transportation.
There is no doubt that adding a third-party payment business has become common practice among Chinese internet giants, particularly social commerce apps. E-commerce elements are featured heavily more than ever before in Chinese social media scene. Keeping an eye on the new movement on Chinese social media platforms is crucial for global brands who wish to develop a marketing strategy to enter Chinese market.
At Comms8, our digital marketers understand your customer and help you to keep track of what's trending in Chinese market. Contact us now to get started!
Source : Alipay
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