张一鸣，杀入移动支付

Core Viewpoint - Douyin has launched a new feature called "Douyin Buy" which allows consumers to make payments directly through the Douyin app, marking its entry into the offline payment market and showcasing its ambitions in the payment sector [4][10]. Group 1: Payment Strategy - Douyin's payment strategy began with acquiring an internet payment license in August 2020 through the acquisition of Wuhan Hezhong Yibao Technology Co., Ltd. [6] - In early 2023, Douyin Payment Technology Co., Ltd. significantly increased its registered capital from 150 million to 3.15 billion yuan, a 20-fold increase, positioning it as the fourth largest in the non-bank payment industry [6][7]. - Douyin has also acquired a 100% stake in a subsidiary of Hai Lian Jin Hui, which holds a payment license for "bank card collection," thus completing its qualifications for offline payment [8]. Group 2: Business Integration - The introduction of "Douyin Buy" completes the business loop for Douyin's local life services, allowing users to engage with content, navigate to stores, and make payments all within the app [10]. - This feature not only facilitates payments but also helps merchants convert public traffic into private followers, enhancing customer retention through subsequent marketing efforts [10]. - Douyin Buy supports multiple payment options, including Alipay and WeChat Pay, indicating a strategy to coexist with existing payment giants while leveraging its unique content-driven payment model [10][11]. Group 3: Market Challenges - Despite its potential, Douyin Payment faces challenges in changing user payment habits, as WeChat Pay and Alipay have established strong user bases over more than a decade [14][15]. - There are reports of low adoption rates among merchants, with only a few transactions utilizing the new feature, primarily among younger consumers [16]. - Douyin is prepared to invest in promotions and subsidies to encourage merchant adoption, with incentives for both merchants and users to increase transaction volumes [17].