Douyin, the Chinese version of TikTok, today launched Douyin Pay, a payment service that gives users the option to pay with it in addition to Alipay and WeChat Pay within the short video app.
On December 24, 2020, Beijing-based ByteDance, the owner of TikTok, filed a trademark application for "Douyin Pay". Prior to that, in November, ByteDance applied for the trademark "Doupay" and the domain name douyinpay.com.
As for the launch of the payment service, 36kr quoted the company's sources as saying that Douyin Pay complements several major payment methods currently available to better serve Douyin users.
Douyin Pay supports top-up, cash withdrawal, transfer and inquiry functions, and supports bank cards from ten banks.
To use it, users need to authenticate their real names first, and then they can add their savings and credit cards.
At present, Douyin Pay does not charge fees for recharge, transfer and withdrawal, but Douyin also said that it does not rule out the possibility of adjusting the service fee charges in the future.
Douyin has more than 600 million daily active users in China, data released earlier this month showed.