ByteDance founder and Chief Executive Zhang Yiming built up the companys payment capability in China by acquiring Wuhan. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. Local Chinese media reported on Tuesday that Douyin Pay had been launched. 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.
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Hezhong Yibao obtained a third-party payment license from the central bank in 2014.ĭouyin is the main revenue generator for ByteDance. 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. is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin, ByteDance said. has launched its third-party payment service for the Chinese version of its short video app TikTok, “Douyin Pay”, in its bid to expand into the e-commerce business in China. to Midnight for the Democratic Presidential Candidates Debate at Fox Theatre. MSP Is Doing Extra Enforcements On These Freewaysĭetroit: Street Closure Reminder For Democratic Debates July 30-31Woodward Avenue between Park and the Fisher Freeway will be closed July 30-31 from 5 p.m. ĭetroit Lions Family Fest Happening On FridayĬrime Stoppers: Up To $4K Reward For Information Regarding Detroit Murder Case In 2020, the app established an e-commerce department and in January, 2021, along with news of its.
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