While Douyin has ventured into the mobile payment service, its counterpart in US TikTok has gotten creative with the use of its platform and recently launched its first TikTok musical, Ratatouille. MARKETING-INTERACTIVE has reached out to ByteDance for additional information. The entrance of Douyin into the mobile wallet and payment scene could be a significant one, given that the platforms currently has over 600 million daily users, as multiple media outlets reported in September last year. According to South China Morning Post, ByteDance said it has helped more than 22 million content creators earn over 41.7 billion yuan (US$6.1 billion) in 2020, and is hoping to raise the number to 80 billion yuan (US$12.3 billion) in 2021. According to Alipay's official website, it has over one billion users worldwide. With its payment service, ByteDance's Douyin joins the ranks of mobile payment giants such as Ant Group's Alipay and Tencent's WeChat Pay.
Reuters reported that the set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin, the Chinese version of TikTok. ByteDance, parent company of video app TikTok and Douyin, has launched its own third-party payment service, Douyin Pay, as it looks to boost its eCommerce business in China, according to Reuters.
