"They're increasingly protective of their users, and maturing platforms with hundreds of millions of active users see a proprietary payment system as another way to keep users captive and monetize them. "Big platforms view an in-house payment system as an ecosystem play," Early explained. "If you can get in on a fast-growing nearly $30 trillion market, why not?" "Douyin built its own payment system to assist its e-commerce business and disconnected all other e-commerce functions inside Douyin app," Early said. James Early, CEO of investment research firm Stansberry China, told CGTN that there is an open door for upstarts in the sector, given the industry growth and size. Some analysts believe it signifies the numerous opportunities for startup enterprises in the market. But competition may just be getting even stiffer.ĭouyin is just one of the latest companies to enter the mobile payment sector. Other internet companies, including e-commerce platform JD.com,, and online service platform Meituan exist in the remaining 6 percent. Currently, Tencent's Tenpay, which includes WeChat pay, and Alibaba's Alipay control the largest share of the pie, with almost 94 percent of the Chinese mobile payment market, according to consumer data provider Statista. Alipay, Taobao and Baidu followed suit in the red pocket event in 2016, 20, respectively.ĭouyin launched its own payment service on January 19, joining an already crowded market. In 2015, WeChat sponsored the gala by developing the "shake and get red pocket" function. The sponsorship is highly coveted by digital payment providers as a way to boost their user base since the gala is watched by almost 1.4 billion people. And the move is expected to boost Douyin's presence as a digital payment service provider as people would have to register on the app to participate.
On January 26, Douyin, the Chinese version of TikTok, announced it will sponsor the digital "red pocket" segment during the 2021 Spring Festival Gala, where viewers can win money on the app while watching the event.
Many Chinese internet firms are keen to develop their own digital payment business as more people turn to a more efficient payment method in the internet era.
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