Douyin Pay Officially Launched

According to reports, Douyin Pay has been officially launched in the Douyin APP. In addition to Alipay and WeChat Pay, there is an additional “Douyin Pay” entry in the payment methods for users.

Currently, Douyin Pay supports ten bank card bindings, including Agricultural Bank, Construction Bank,
When using Douyin to pay for payment, the user needs to perform real-name authentication, enter the name and ID number and other information, and then bind the card. You can bind the savings card and credit card. After the card is tied, the user can complete the payment through Douyin Payment .
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It is reported that in the account service agreement of Douyin Payment, it is shown that the functions of Douyin payment mainly include recharge, withdrawal, transfer and inquiry, etc. The services are provided by Wuhan Hezhong Yibao Technology Co., Ltd. After the user agrees to open Douyin Payment, Wuhan Hezhong Yibao collects or makes payments.
In August 2020, the National Industrial and Commercial Enterprise Information Publicity System showed that Wuhan Hezhong Yibao Technology Co., Ltd. (referred to as “Hezhong Yibao”) shareholder Zhongfa Industry (Group) Co., Ltd. withdrew and Tianjin Tongrong E-Commerce Co., Ltd. (referred to as “Tongrong Electronics”) took over 100% of the shares.
Tongrong Electronics is 100% controlled by Beijing Shibei Technology Co., Ltd. The single major shareholder of Beijing Shibei Technology Co., Ltd. is Zhang Yiming, the founder of Bytedance, with a shareholding ratio of 99%.
According to “LatePost” report, Douyin will replace Pinduoduo and become the exclusive red envelope interactive partner of the 2021 Spring Festival Gala. Some analysts say that Douyin Payment may take advantage of the Spring Festival Gala to further open the market.