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. WeChat now dominates the Chinese messenger app space, with over a 90 penetration rate and over 1 billion monthly active users. This became the primary form of communication in China until the launch of WeChat in 2011.
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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. Open ICQ (Tencent QQ) - The First Mainstream Chinese Chat App.
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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.
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. 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. Other players include JD.com's (9618.HK) JD Pay, Baidu (BIDU.O) Wallet and Meituan (3690.HK) Pay.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. The company, which denies the allegation, has been in talks for months with Walmart Inc (WMT.N) and Oracle Corp (ORCL.N) to shift such assets into a new entity.ĭouyin is the main revenue generator for ByteDance. By introducing Douyin Pay in China, Bytedance is entering the Chinese mobile payment market, which is currently dominated by Alibaba’s Alipay (54 market share) and Tencent’s Wechat Pay (39 market share). The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance. 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. Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, on Tuesday as it presses to expand into the e-commerce business in China, reported Reuters.
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