Internet giants have intensified the war in the payment field.
On January 14, Shanghai Xunmeng Information Technology Co., Ltd., an affiliated company of Pinduoduo, applied for the 'Pinduoduo payment' trademark.
Pinduoduo has been in the payment services field for a long time. In November 2019, the company had already started to apply for the 'DuoDuo Payment' trademark. In January 2020, Pinduoduo officially acquired Shfft, obtaining payment licenses earlier than Douyin and Kuaishou. Established in 2003, Shfft has obtained a third-party payment license in 2001. In December 2020, Pinduoduo began to test the official payment service app 'Duo Duo Wallet.'
Internet giants have deployed payment services one after another, and the battle for payment has intensified. In September 2020, ByteDance obtained a payment license through the acquisition of Ulpay. In November 2020, Kuaishou obtained a payment license through the acquisition of Payeco. On January 19, 2020, Douyin officially launched 'Douyin Pay' before Pinduoduo. However, as Ant Group is under anti-monopoly investigations, the payment business of the giants still has a long way to go.