![]() ![]() Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. Was suspected to be a WeChat competitor, but appears more like what a groups. ![]() 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 just launched FlipChat (Feiliao), an interest-based group chat app. 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. Douyin Pay allows users to link bank cards from 10 Chinese commercial banks such as Bank of China and China Merchants Bank. 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 US assets on national security concerns. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups Alipay and Tencent Holdings WeChat Pay.ByteDance founder and CEO Zhang Yiming built up the. Typical payment scenarios in Douyin include tipping livestreaming hosts, purchasing goods endorsed by merchants as well as buying paid-for content. Combined, WeChat Pay and Alipay handle roughly 90 of all mobile. Bytedance, which was founded in 2012, has. Local Chinese media reported on Tuesday that Douyin Pay had been launched.īyteDance founder and Chief Executive Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. Currently, Douyin’s users mostly make payments on the app through Tencent’s WeChat Pay and Alibaba-affiliate Ant’s Alipay. Combined, WeChat Pay and Alipay handle roughly 90 of all mobile payments in China, a market that process roughly 70 trillion in mobile payments a year. ![]() 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. "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 to Reuters on Tuesday. BEIJING: Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China. ![]()
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