Douyin Pay Is Now Fully Launched, Supporting Binding Of

Four months after ByteDance obtained the payment license, Douyin Pay was finally fully launched.

Written by | Zhang Haodong

Produced by | Payment Encyclopedia

Today, "Payment Encyclopedia" exclusively learned that Douyin Pay has been officially launched in the Douyin APP. In addition to Alipay and WeChat Pay, there is another "Douyin Pay" entrance in the Douyin APP.

At present, Douyin Pay supports the binding of mico us recharge to ten bank cards, including Agricultural Bank of China, China Construction Bank, Bank of China, Postal Savings Bank of China, Bank of Communications, China Merchants Bank, etc.

When using Douyin Pay to pay, users need to first undergo real-name authentication, enter information such as name and ID number, and then bind the card. Both savings cards and credit cards can be bound. After completing the card binding, users can complete the payment through Douyin Pay.

The account service agreement of Douyin Pay shows that the functions of Douyin Pay mainly include recharge, withdrawal, transfer and inquiry, etc., and the services are provided by Wuhan Hezhong Yibao Technology Co., Ltd. After the user agrees to open Douyin Pay, Wuhan Hezhong Yibao will collect or pay on the user's behalf.

In terms of service fees, Douyin Payment currently implements a free policy. When users recharge, withdraw cash and transfer money through Douyin Payment accounts, no handling fees are charged. However, the Douyin Payment Service Agreement also mentioned that it is possible to adjust the service fee standards in the future.

In addition, if a user has no transaction record within 6 months after opening Douyin Payment, the user will be suspended from using Douyin Payment, and the identity information will need to be re-verified when using it again.

With the launch of Douyin Pay, Alipay and WeChat Pay will have a strong competitor. Since ByteDance acquired Wuhan Hezhong Yibao and obtained the payment license, Douyin has been making continuous moves in the payment business, which also reveals Douyin’s real payment ambitions.

There have been early signs of the launch of Douyin Pay. Not long ago, ByteDance has been registering trademarks named "Douyin Pay" and "", and has also added a domain name named. The person in charge of Douyin Pay said at the time that the domain name was reserved to prevent malicious infringement by third parties and there was no plan to put it into use.

In November last year, after Internet giants such as Alipay, JD.com, WeChat, and Meituan launched credit payment products, Douyin also launched a product called Fangxinhua, whose function and positioning are similar to Alipay's Huabei. This is an expansion of Douyin's credit payment business.

Douyin has 600 million daily active users. Its biggest advantage lies in its huge amount of traffic. In order to continuously monetize the traffic, Douyin has begun to work hard on e-commerce and financial services.

Douyin e-commerce started in 2018, and initially played the role of a traffic carrier, directing traffic to Taobao. In 2019, it began to focus on e-commerce, created the Douyin store model, and developed its own e-commerce business. In less than two years, Douyin e-commerce has been growing rapidly, and in 2020, its GMV volume is comparable to that of Kuaishou e-commerce.

Against the backdrop of the growing scale of e-commerce transactions, Douyin increasingly needs to establish its own payment channels and systems to get rid of its over-reliance on Alipay and WeChat Pay. By using Douyin's own payment channels, it can more accurately grasp user consumption habits and promote the conversion of e-commerce business marketing.

After the launch of Douyin Pay, it not only realizes a closed loop in business and eliminates the payment fees charged by third-party platforms such as Alipay and WeChat Pay, but also allows core transaction data and user information to be in its own hands, thus opening up more imagination space for its own financial business.

Now, Douyin has replaced Pinduoduo and become the exclusive red envelope interactive partner of the Spring Festival Gala. Pinduoduo sponsored the Spring Festival Gala to launch Duoduo Wallet, and Douyin sponsored the Spring Festival Gala to promote "Douyin Pay". WeChat red envelopes appeared on the Spring Festival Gala stage in 2015, and in just two days, 200 million personal bank cards were bound, making WeChat Pay take off. Can Douyin Pay replicate the legend with the gameplay of WeChat Pay?