TikTok owner ByteDance set to challenge Alipay, WeChat Pay

The new mobile payments service launched by tech unicorn ByteDance on its video-sharing platform Douyin, the sister app of TikTok, brings a major challenger in a market long dominated by Ant Group’s Alipay and Tencent Holdings’ WeChat Pay, industry analysts said.Douyin, which had 600 million daily active users as of August 2020, is expected to promote its Douyin Pay service in this year’s Spring Festival Gala, according to people familiar with the matter, under an exclusive advertising…