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Big guns take aim at payment market
In 2020, Chinese giants have ramped up the pace of taking licenses and entering the payment field, including ByteDance, Ctrip, Kuaishou, Pinduoduo and so on.
And in 2021, such moves still continue. The parent company of Bilibili, Shanghai Hode Information Technology Co., has registered the domain names "bilibilipay.com" and "bilibilipay.cn" and was given approval for an Internet Content Provider (ICP) license, according to a Chinese media outlet. In addition, the Nasdaq-listed firm has also been recruiting payment business-related positions on its website since November last year.
At present, the layout of Bilibili is still in the early stage in the payment field. If it successfully "gets a license", it means that the Internet giants are almost fully present in the payment field, and the pattern of the payment industry will be further strengthened.
Payment business is hot, the Internet giants are all-in
Nowadays, Alipay and Tenpay (including WeChat Pay) still occupy the majority of the market share.
Data show that as of the fourth quarter of 2019, Alipay has a 55.1% market share in mobile payments; Tenpay, in second place, currently stands at 38.9%. Although Alipay and WeChat Pay frequently choke each other, it is undeniable that the two occupy a pivotal position in China's mobile payment market.
The later is coveting the payment license for a long time, trying to get the "license" through direct or indirect means.
For example, after obtaining two financial licenses, ByteDance obtained a payment license at the end of August last year, which intended to accelerate the occupation of market share. And the social e-commerce platform Pinduoduo formally acquired Fufeitong early last year.
Obtaining third-party payment business licenses through acquisition has become common practice among Chinese internet giants since the central bank stopped issuing new ones indefinitely in 2016. Internet companies such as Vipshop, Meituan, Ctrip and Kuaishou have all obtained third-party payment licenses by way of acquisitions.
And also as an emerging Internet enterprise, the intention of Bilibili to obtain a payment license and the launch of payment tools has been demonstrated.
On a current job posting for a senior payment platform development engineer published, candidates will be "responsible for the core technology research and development of the Bilibili payment platform."
Whether for the layout of the enterprise, or the fast-growing Bilibili, payment business is still a growth-valued market. It is foreseeable that the giants will compete in a single payment business, which may trigger a comprehensive financial war. However, why does Bilibili choose this time to get involved in the payment field?