Meituan is said to be testing a group chat feature. This means China may end up with more than one mega app, each favored by different demographics.ĭouyin is hardly the only app that's expanding beyond its core business. Tech analysts can't agree on who will take over the throne from WeChat, but they anticipate that WeChat's status as the super app won't survive Beijing's ongoing antitrust drive. The question now is whether anyone can dethrone it.īy nature, Chinese tech companies do not feel encumbered by their "core competencies." And Chinese web users are accustomed to mega apps that do a lot of different things. In the past decade, WeChat has transformed human interaction in China and grown into an ecosystem for innovation, making it virtually the sole super-app most of China can't live without. Instead, it's one of several Chinese apps engaged in a quiet, high-stakes battle to become the next WeChat, a mega app that now has 1.1 billion monthly active users, 80% of China's total population. It's clear that the young Douyin is not content to be just an entertainment app, however lucrative that may be.
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Now Douyin has expanded into the so-called "local life services," taking on Meituan, a dominant player in this space, which offers a wide range of services meeting users' offline life needs, from food delivery to ticket booking. It's part of a pattern: Over the past few years, Douyin has beefed up its social network by adding features from livestreaming to ecommerce, from gaming to instant messaging, challenging existing dominant players in each vertical. It estimates Alipay commands 55% of the market and that Tencent’s fintech business, most of which is WeChat Pay, has 39%.In March, Douyin users in three Chinese cities discovered that the popular short-video app had quietly launched a new Groupon-like feature, a "group buying" feed that allowed users to order takeout, book hotels and reserve tickets and services. The country’s mobile banking market logged some CNH 56.2 trillion ($8 trillion) worth of transactions in the last three months of 2019, according to domestic consultancy Analysys. Other internet giants, such as e-commerce giant JD.com and food delivery service Meituan, have also established their own payment methods. The licence allows Douyin, Toutiao and other ByteDance services to offer payment features.
Last September, a company controlled by ByteDance founder, Zhang Yiming, bought out a payments solution provider called, Wuhan Hezhong Yibao Technology. See also: Ant sets up working group to overcome Chinese regulatory requirements Its first-quarter figure represents a 130% growth in revenue year-over-year, according to Reuters, which makes the move towards payments seems like a natural progression for the company to want in on the action.īyteDance snapped up a payments licence by acquiring a third-party payments firm.
Now, users of the app can checkout and pay for goods using Douyin Pay instead of other options.ĭouyin’s parent, ByteDance, the Chinese start-up behind TikTok and other popular social networking apps reportedly generated $5.6 billion in revenue in the first three months of 2020. “The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” a Douyin spokesperson tells Reuters.īrands and retailers can already redirect users to a product page by including a link in a video. Douyin Pay (Douyin Zhifu) has been added to the app’s options.
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