Douyin, ByteDance's Chinese version of TikTok, has launched e-wallet "Douyin Pay" to compete with China's dominant e-payment services WeChat Pay and Alipay (Rita Liao/TechCrunch)

Rita Liao / TechCrunch:
Douyin, ByteDance's Chinese version of TikTok, has launched e-wallet “Douyin Pay” to compete with China's dominant e-payment services WeChat Pay and Alipay  —  Tencent's WeChat Pay and Alibaba's affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers.