Tencent hopes it can turn Channels into the next WeChat Pay. Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. The new mobile payments service, Douyin Pay, will compete with the likes of Tencents WeChat Pay and Alibabas Alipay. of ByteDance, the owner of TikTok and Douyin, and Kuaishou in the short-video business. 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. However, the owner of TikTok, ByteDance, did not.
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. Chinese users have been able to make payments directly from Douyin for more than four years, thanks to third-party services WeChat Pay and AliPay.
#DOUYIN BYTEDANCE DOUYIN PAY WECHAT PAY GENERATOR#
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. Chinese users have been able to make payments directly from Douyin for more than four years, thanks to third-party.
#DOUYIN BYTEDANCE DOUYIN PAY WECHAT PAY LICENSE#
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. Douyin is a localized Chinese version of the popular video platform TikTok. 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. Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market.
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 (Reuters) - 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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