This virtual currency can be bought with real money from the WeChat app. Users can now send virtual gifts to their favorite live streamers using a virtual currency called “WeChat Beans”. Right: what the new section looks like and the new “Go Live” buttonĢ. Left: the position of this new feature in the app On top of that, there’s a new “Go Live” button in this section which makes it easier for users to start their own live stream. This new feature upgrades the “People Nearby” section by allowing users to find friends but also watch live streams as well as videos uploaded by other nearby users. “People Nearby” changed to “Live Streams & People Nearby”. Looks like WeChat is continuing to push this highly monetizable section of the app by adding some new features and improving existing ones:ġ. In case you missed it, the “Channels” section can be found by tapping on the “Discover” button in the main WeChat menu. We previously mentioned how WeChat added an in-chat hashtag feature, which allows it to direct user traffic to the “Channels” section on the app. WeChat adds several new features and improvements to its “Channels” section Today we’re going to look at WeChat’s new features, Tencent’s newest dating app, as well as ByteDance’s push into e-commerce and payment solutions. Alibaba’s young rival Pinduoduo had a similar deal last year in an attempt to grow its own payments users.Happy 2021! It’s a new year which means new opportunities to talk about the latest tech and marketing news from the world’s largest mobile market. Over the past decade, WeChat has been popularizing electronic versions of these auspicious money-filled envelopes, which helped WeChat Pay take off in the early days.ĭouyin inked a deal with Chinese state broadcaster CCTV to be its red envelope technology provider for the Spring Festival Gala, traditionally a major advertising event of the year, according to Chinese business news provider LatePost. The rollout of Douyin Pay seems well-timed with the upcoming Chinese New Year holiday, a time when families and friends gift each other red packets. Users can, for instance, receive a cash-filled electronic red packet from a Douyin campaign and deposit that cash to their bank accounts. The license, in turn, 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 Co.
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Like other internet firms, Douyin parent ByteDance snapped up a coveted payments license by acquiring a third-party payments firm. All in all, Alipay and WeChat Pay handle about 90% of China’s electronic payments. Other internet giants, such as e-commerce giant JD.com and food delivery service Meituan, have also tried luring people to use their own payment methods, though the market duopoly is hard to break.
Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough. Users can be directed to a product link while watching a video of an influencer reviewing, say, a lipstick.
Payment is a natural step for Douyin, which has a growing e-commerce business. “The set-up of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” a Douyin spokesperson said. The short video app recently added “Douyin Pay” to its list of existing payment options, which have included Alipay and WeChat Pay. The latest entrant in online payments is Douyin, TikTok’s Chinese version.
Tencent’s WeChat Pay and Alibaba’s affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers.
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