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.
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. 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. According to Alipay's official website, it has over one billion users worldwide.
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. MARKETING-INTERACTIVE has reached out to ByteDance for additional information.
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. The musical was spurred from user-generated content, when a user uploaded a love ballad dedicated to “Remy,” the main character in Disney/Pixar’s Ratatouille. Building on that content, another user uploaded a new version of the ballad, which gained popularity online. It led to the creation of an account @ratatouillemusical, which made a video calling for community submissions to help bring the musical to life. The idea then eventually turned into a fully-fledged virtual Broadway show with the help Broadway veterans, which was streamed earlier this month.
Closer to home in Southeast Asia, ByteDance launched its own music streaming app called Resso in Indonesia last year. The app targets the Gen Z and Millennials in Indonesia, and is aimed at encouraging everyday music listeners to express themselves on a global stage. Speaking to MARKETING-INTERACTIVE then, Tricia Dizon, country manager Resso Indonesia said the company has an aggressive plan for the Indonesia market. According to Dizon, Resso looks to reach young music enthusiasts who are looking for a fresh streaming experience, and encourage these youth to express and connect with like-minded individuals.