Chinese version of TikTok has an e-wallet

The Douyin video service – the Chinese version of TikTok – recently introduced its own payment system. Now, in Chinese TikTok, you can make a purchase not only using WeChat Pay and Alipay, but also Douyin Pay.

“Douyin Pay will add to the list of payment methods and thereby improve the customer experience,” the company said.

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The emergence of its own payment system looks quite logical for the Douyin service, which is successfully developing in the direction of e-Commerce. Video reviews are complemented by product links, and users can make a purchase with a few clicks.

Douyin is owned by ByteDance. As in most cases, their own payment system operates from the acquired company. Last September, ByteDance acquired the electronic payment provider Wuhan Hezhong Yibao Technology Co. Thus, ByteDance obtained a payment system license for Douyin, Toutiao and its other services. For example, now users can also send send gift transfers to open a bank deposit.

Douyin Pay launches in time for the Chinese New Year. Red is a symbol of happiness in China, and according to tradition, people give each other money in red envelopes for the New Year. WeChat Pay took off largely thanks to the electronic version of such cash envelopes.

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LatePost reports that Douyin has struck a deal with State Broadcasting Company of China to provide red envelope technology for the popular Spring Festival Gala.

Previously, TikTok launched the Black Creatives program to support black creators, and introduced restrictions on user accounts under 16.

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