China’s leading short video app Douyin rolled out its own payment solution to rival the e-wallet duopoly by Alibaba and WeChat, which together account for 95% of market share in the payment sector. Douyin Pay allows users to buy virtual gifts tipping livestreamers as well as to purchase goods from the app’s e-commerce channel. Douyin is now offering coupons to attract users to complete orders in favour of its in-house payment option other than the already installed Alipay and WeChat Pay.
