Tencent's WeChat Pay and Alibaba's subsidiary Alipay dominate the market for digital payment systems in China. Now Douyin, the Chinese version of TikTok, tries to shake up the market with its own e-wallet. The payment service will be launched at the Chinese television's New Year's Gala, the gala with the most worldwide viewers. This is in the interest of the Chinese government, which wants to prevent too much power concentration of individual providers in financial services.
