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Users of the app will be able to connect bank accounts to the service, which can then be used to pay for products promoted by video influencers as well as to tip content makers.īyteDance said it would gradually roll out the function to users.ĭouyin, which listed over 600 million daily active users last year, has quickly grown from its short video roots to include livestreaming and e-commerce. The move sees the tech giant wade into China's lucrative market for electronic payment services, which are used by hundreds of millions of consumers for everything from street food to fast fashion and online purchases. Payment: launched in January 2021, similar to AliPay or WeChat Pay.
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Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay.Douyin Pay, which functions similarly to reigning Chinese electronic wallets WeChat Pay and Alipay, aims to "supplement existing major payment options, and to ultimately enhance user experience," ByteDance told AFP. Owned by the Chinese tech giant ByteDance, Douyin is often portrayed as the Chinese. The CEO from ByteDance said: Douyin has lots of users in Hong Kong and will.
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Hezhong Yibao obtained a third-party payment license from the central bank in 2014. Indeed, Douyin already offers payment options from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Pay, the two dominant mobile payment apps in. TikTok has a twin version in Mainland China called Douyin. Photo/Agencies Popular short video app Douyin has entered Chinas massive digital payment market with its mobile payment services, looking to tap into the sector which has among others Alibaba Group Holding Ltds Alipay and Tencent Holdings Ltds WeChat Pay. ByteDance founder and Chief Executive Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. A logo of Douyin is seen on an advertisement at a bus stop in Beijing, Aug 24, 2020. It provides a glimpse of what TikTok could eventually become, as Douyin started selling merchandise in 2017 and now operates a growing e-commerce operation where hundreds of millions of users shop on a daily basis.īyteDance’s expansion comes as China’s financial regulators are tightening oversight over financial technology firms, particularly companies such as Ant Group.Ĭhina’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39% of the total market in the second quarter of last year, according to market researcher Analysys. ByteDance, the owner of the short video app TikTok, launched third party payment service Douyin Pay on Tuesday to expand the e-commerce business in China. Local Chinese media reported on Tuesday that Douyin Pay had been launched.
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China’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 of the total market in the second quarter of last year, according to market researcher Analysys.
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The company, which denies the allegation, has been in talks for months with Walmart Inc and Oracle Corp to shift such assets into a new entity.ĭouyin is the main revenue generator for ByteDance. ByteDance’s expansion comes as China’s financial regulators are tightening oversight over financial technology firms, particularly companies such as Ant Group. Hezhong Yibao obtained a third-party payment license from the central bank in 2014.īyteDance has been ordered by the outgoing Trump administration to divest TikTok’s U.S. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group’s Alipay and Tencent Holdings’ WeChat Pay, the country’s two ubiquitous third-party mobile payment channels, to buy virtual gifts for livestreamers or items from shops on the platform.īyteDance founder and CEO Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. “The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin said in a statement. China's third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 percent of the total market in the second quarter of last year, according to market. BEIJING: Beijing-based ByteDance launched on Tuesday its third-party payment service for the Chinese version of its hit short video app TikTok, “Douyin Pay”, as it presses to expand into the e-commerce business in China.