![]() ![]() 600 million daily active users, previously could use Ant Groups 688688.SS Alipay and Tencent Holdings 0700.HK WeChat Pay. The ByteDance logo (REUTERS) Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay ByteDance founder. The new mobile payments service, Douyin Pay, will compete with the likes of Tencents WeChat Pay and Alibabas Alipay. This story has been published from a wire agency feed without modifications to the text. 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. Douyin is the main revenue generator for ByteDance China's third-party payment sector is dominated by Alipay and WeChat Pay 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. TikTok owner ByteDance launches Douyin Pay. ![]() Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. 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. 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. 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. 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. ![]()
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