Zhang Yiming and Wang Xing had a "commercial exchange" at the closed-door meeting of TMDWu Town in 2016. Wang Xing commented that Zhang Yiming was "super capable, focused and rational", while Zhang Yiming commented that Wang Xing was "curious and interested in all kinds of strange things."

Outside comments are more straightforward.

As a new generation of Internet giants juxtaposing TMD, although byte beat and Meituan leave the impression of borderless expansion to the outside world, their leaders Wang Xing and Zhang Yiming are labeled as aggressive and low-key respectively.

The differences in the posture of payment expansion between the two giants seem to reflect these characteristics. Also as a payment business, Douyin pay is hidden under "more payment methods", while Meituan's status is obviously much higher-setting the top, with a "recommendation" tag, binding a bank card. By contrast, WeChat Pay was squeezed into the corner instead.

In Meituan's shareholder structure, Tencent holds more than 20% of the shares as the largest shareholder, which gives Meituan the strength to kick the traces of the Ali system out of his territory. After Meituan blocked the payment method of Alipay, social media was full of complaints about inconvenience. Wang Xing did not send an article in the meal to refute: Taobao does not have WeChat Pay?

The expansion process of Douyin pay is much more low-key. After Douyin pay was officially launched in APP, Douyin immediately announced its position:

Douyin is only a supplement to some of the main payment methods at present. "

In front of the giant-controlled mobile payment track, Douyin and Meituan respectively showed two kinds of eating styles of emerging players. Meituan put his hand into the track to grab meat, while Douyin dug a moat.

Red envelopes for Spring Festival Gala, pay for debut?

Douyin will replace Pinduoduo as the exclusive red packet interactive partner of the 2021 Spring Festival Gala, LatePost reported later. To this end, byte jump added 57 Spring Festival special recruitment posts.

From the user base, Douyin's DAU has already risen to more than 600m, and the growth dividend that the Spring Festival Gala can provide to Douyin users is already quite limited. From the growth direction of byte jump, the growth rate of business such as live show and video advertising tends to be stable, and new businesses such as games, education and e-commerce will be the main growth force in this period.

Combined with the recent news of the launch of Douyin pay, Douyin is likely to push Douyin pay to the promotion C position in the Spring Festival Gala.

Douyin has long laid out the payment business, and since Douyin Wallet was launched, many activities have been encouraging users to use bank cards to pay instead of WeChat Pay and Alipay.

In the 2020 China year of Wealth campaign, Douyin copied WeChat Pay's style by putting red packets into users' accounts, where users can withdraw cash by binding bank cards. Prior to this, Douyin red packets support Alipay to withdraw cash, but bank cards offer additional discounts.

However, the volume of the Douyin wallet is always low. Although Douyin has carried out red packet activities many times, "how to unbind the bank card bound by Douyin" is still a hot topic in search engines.

In the red packet activity of the Spring Festival Gala, Douyin needs to solve two problems, namely, how to guide Douyin to pay for long-term and stable users, and how to link the red packet of the Spring Festival Gala to live e-commerce, so as to weaken the weight of Douyin and Alipay.

In the red envelope activity of the Spring Festival Gala in 2020, Kuaishou Technology adopted the strategy of "watching videos and giving likes" to guide users to experience the ecology of short videos, which has been proved to be ineffective. On this basis, Douyin must come up with new tactics. Whether the effect can be compared with that of Wechat's attack on Pearl Harbor remains to be seen.

Douyin payment: Gongwei moat

Why should Douyin make its own payment?

Liu Gang, founder of China Alipay, told New Entropy that because offline payment scenes are dominated by Alipay and Wechat, it is difficult for Douyin to beat the two giants in market share, and its purpose is more to defend the payment data moat. To prevent data from flowing to competitors.

Douyin has three major payment scenarios. In LVB reward scenario, the currency is Doudcoin, and user payment flows to Douyin; in purchase Doujia scenario, the currency is Douglas currency, and user payment flows to Douyin; in e-commerce LVB scenario, the currency is cash transaction, and user payment goes to third-party merchants.

While Douyin is currently only available in e-commerce live scenes, in the live show and the plus purchase interface, it still maintains the original "payment, WeChat Pay, bank card payment" interface. This is why Douyin has always kept a low profile.The real purpose of Douyin is not to create a payment overlord harvesting fees, but to cover their own transaction data.

Under the cover of shaking coin and Canadian currency, Douyin has the ability to restrict access to user data through third-party payment channels. When the trading object becomes users and third-party merchants, Douyin's "mosaic" ability is weakened.

This part of Douyin wants to "mosaic" the transaction data, including the commodity trading orders submitted by Douyin to the payment channels, cancellation orders and refund orders. A considerable part of it is the weakness of Douyin. A live e-commerce practitioner said to "New Entropy"There are differences in the sales of different categories of goods on Douyin.。

For example, the recommendation ability of clothing is strong, the gross profit margin is high, but the return rate is often more than 40%; the return rate of snacks is low, but the gross profit margin is far lower than that of clothing and makeup. In addition, anchors tend to bring some hard currencies with very low or no profits, which are used to boost sales and improve bargaining power with brands, such as gold bars that are much lower than offline gold bars, Apple Inc mobile phones, and so on.

According to short Yuer data, during the Singles' Day last year, the estimated sales of the anchorman Bai Rabbit exceeded 100 million, but the main sales came from hard currencies such as gold bars and Apple Inc mobile phones, which accounted for about half of the total sales.

Live e-commerce as a platform, live party, brand side, users of the four-party game, its tuyere label there are a lot of artificial traces. Prior to this, a large number of media reported related chaos, such as false traffic in the studio, false goods on the brand side, false orders on the direct side, and so on.

And the over-exposure of similar weakness is obviously disadvantageous to any party except the user. From the perspective of the long-term development of the industry, Douyin needs "irrational prosperity" brought about by hard currency commodities. When a large amount of such transaction data is lost to third-party platforms, the risk of Douyin exposing the weaknesses of its e-commerce business will also increase, and the pace of continuous growth of its brands, live broadcasters and live e-commerce users will also be affected.

That's why Douyin uses payments to build a moat-Douyin pays shields the platform from external risks.

Meituan pay: deep into the hinterland of BABA

In the payment business, Meituan's determination to challenge Alipay and Wechat is far tougher than Douyin.

As early as 2016, Meituan won the payment license through the wholly-owned acquisition of Moneybag Bao, and Meituan's monthly payment product, modeled after Huabai, was also launched at the end of May last year. To this end, Meituan copied the method in the early stage of the development of Ant Huabai, and vigorously promoted the monthly payment by recommending labels and reducing the amount of money.

In addition to blocking Alipay, Meituan's toughness also mentioned the current layout of offline payment scenarios-Meituan is one of the few emerging Internet giants to provide payment code function. This means that Meituan has his eye on the offline payment cake that Wechat and Alipay sit on.

For emerging Internet giants such as TMD, the promotion of payment business is affected by the comparison between their own products and Alipay and Wechat in their ability to cover users.

Douyin and Meituan respectively adopted the strategies of soft decoupling and hard decoupling in payment products, which are essentially the products of two basic environments. The basic set of Douyin is content, and there are not enough transaction scenes to support payment tools, while Meituan is just the opposite.

Up to now, Meituan has many transaction scenes, such as takeout, shared bike, wine travel booking, store consumption, cinema booking, community group buying and so on.

The concentration of multiple rigid demand services on the same platform doubles the frequency of users' payment in Meituan. Therefore, Meituan has the strength to challenge Alipay's head position.

To be exact, Meituan pay, which shapes the ability of offensive opponents outside of defense, is an advanced version of Douyin pay after it has enough transaction scenarios.

However, Meituan is facing the same dilemma as Douyin pay-- offline market share has been occupied by Wechat and Wechat. Alipay wants to create payment products that can challenge the two giants in market share. It is necessary to find the ground push ability during the Thousand Regiment War, push the payment products into the offline market, and increase their share by virtue of the huge offline transaction volume.

But this means huge labor costs and operating costs. Alipay adopted the carpet bombing model of handing out red envelopes when promoting the payment of QR codes. User Zhize told New Entropy that Alipay had promoted QR code payment in his school's canteen. Every time he had a meal during the trough, the merchants who settled in the school canteen always publicized to him: "scan the code to pay!" You also have red packets, and I also have red envelopes. "

It is also difficult for users to accept the emergence of the third type of payment tools, especially for middle-aged and elderly users who are not good at mobile Internet. Therefore, although Meituan APP has introduced functions such as payment codes, its payment still stays in a small range of Meituan business settlement, lacking the expansion ability of Wechat and Alipay.

Summary

In fact, the payment tool pattern built by BABA and Tencent is very difficult to be broken by external forces. what the emerging giants can do is to encircle and occupy their territory to form an independent kingdom.

Throughout the rise of enterprises in the mobile Internet era, DiDi Global Inc., Kuaishou Technology, Pinduoduo and Bilibili Inc. have all made a detour. Although in the above-mentioned enterprises, there are more or less traces of investment of Tencent or BABA, it can not change the determination of emerging players to build an independent kingdom. The former is the compromise of new players to the era of BAT mastery, while the latter is the wish of new players to dominate the next era.