iHLNDouyin Edition, TikTok version of mainland China, has been expanded with payment function. The news site TechCrunch reports. The short films app has always had the function of an online store in China. When an influencer advertises a product, users can purchase that item with a few clicks. Douyin Pay custom has now been added to payment methods.
Mobile payment methods are very popular in China. Alipay of Alipay and rival Tencent’s WeChat Pay in particular take on the role of cash almost entirely. Previously, other internet companies tried to break the duopoly of these two applications, but they were unsuccessful.
The launch of the payment feature is timed to coincide with the Chinese New Year – from February 12 to February 26, 2021. This is an important holiday season when friends and family give each other red envelopes of cash as congratulations. WeChat has digitized this tradition in recent years. Dwayne now also wants to respond to that. For example, the company sponsors a frequently watched TV show as a “technology provider” for red envelopes.
State intervention
Alipay’s massive recent success has led to the company being heavily criticized. The Chinese government fears that tech companies will have too much power over the financial sector and has abruptly halted an initial public offering of Alibaba’s financial arm. Since then, the company has been dealt heavily with the new regulations and its founder, Jack Ma, has disappeared from the radar.
Also read: Where what? The founder of e-commerce giant Alibaba hasn’t appeared in public since October (+)
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