- DOUYIN TIKTOK DOUYIN CHINA WECHAT PAY CODE
- DOUYIN TIKTOK DOUYIN CHINA WECHAT PAY SERIES
- DOUYIN TIKTOK DOUYIN CHINA WECHAT PAY TV
Take for instance Fangxinjie: at the end of 2021 it charged an annual interest rate of 10.8% – 24% to users, while it charged 7.2% – 18% to small businesses that can also use the service to loan money. While removing barriers to spending for its app users, all of these services are also nice cash cows for Bytedance. In January 2021 (link in Chinese) Bytedance launched Dou Fenqi (Dou分期, ‘Dou Instalment’), which allows users to pay monthly instalments on their bills. In October 2019 Bytedance added Manfen (满分, ‘Full Score’), offering consumer credit (up to RMB 200.000), instalment payments, and credit card services. By July 2018 it had launched Fangxinjie (放心借, ‘Borrow in Peace’), modelled after Ant Group’s Jiebei (link in Dutch). Prior to launching Douyin Pay, Bytedance had already started offering consumer finance products to its users. It is another way to make some more money from any sale of virtual or physical goods on the platform. That would make Bytedance another RMB 4,8 billion in pure revenue. That might be a small percentage but imagine the hypothetical situation of all of the GMV (gross merchandise value) of e-commerce in Douyin in 2021, no less than RMB 800 billion, being paid with Douyin Pay. According to SMCP Bytedance charges 0,6% payment commission. Well, it gave Bytedance an opportunity to claim the payment fee that merchants would previously pay to those competing apps. You might ask why Bytedance went through all of the hassle when Douyin already enabled payment with two other commonly used payment apps. Right: link your bank card to Douyin Pay. Left: Douyin Pay offering RMB 0.09 payment discount. At the time of writing, I found payment discount when using Douyin Pay to be ranging from just 0.09 RMB food goods to 3-6 RMB for local services.
DOUYIN TIKTOK DOUYIN CHINA WECHAT PAY TV
To get people to start linking their bank cards, Douyin also handed out digital ‘red envelopes’ with money during the Spring Festival TV Gala, just like WeChat had done in 2014 (link in Dutch). When Douyin Pay was launched, Bytedance incentivized users to choose it over AliPay or WeChat Pay by giving users a 2 RMB discount upon payment.
DOUYIN TIKTOK DOUYIN CHINA WECHAT PAY CODE
After linking their bank card with Douyin Pay shoppers can pay for in-app purchases by entering a 6-digit code upon check-out.
Eventually, Douyin Pay became one of the payment options in Douyin’s check out process, next to Tencent’s WeChat and Ant Group’s Alipay. This was also the case with Bytedance, which acquired Ulpay when it bought its operator Wuhan Hezhong Yibao Technology in 2018. In recent years, many big Chinese internet companies could only obtain such a licence by acquiring a smaller company that already owned one. Adding a payment option sounds a lot easier than it actually is, since the Chinese authorities are very reserved in handing out licences for payment tools. In January 2021 Bytedance added an e-wallet to Douyin, which consumers could use to buy virtual goods for livestreamers and items in Douyin Shops (see the first article in this series). When Douyin started to pull more e-commerce business into its own app instead of simply forwarding traffic to third-party marketplaces for a commission, it realised it needed to build an infrastructure. Also, traffic for those livestreams needs to be generated either in the app or elsewhere. The complete process comes with payments, storage, logistics, after sales service and more. This article is the fourth in this series.Į-Commerce is not just about selling stuff in a livestream.
DOUYIN TIKTOK DOUYIN CHINA WECHAT PAY SERIES
In this series of 5 articles, we explore different aspects of Douyin’s steps into e-commerce: In this fourth article we will see how Bytedance has started building an infrastructure around these initiatives. In the previous three articles in this series we have seen how Douyin, the Chinese version of TikTok, diversified from just having advertising revenue as a source of income to integrating e-commerce and local services like meal delivery and hotel booking in the popular short-video app.
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