![]() 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. Owned by Bytedance, China’s fourth internet giant outside the BAT group (Baidu. TikTok is known in China as Douyin (literal meaning: shaking sound). ![]() It was created by eight people over 200 days in 2016 and is primarily used by young people in the Millennial and Gen Z demographics. Bytedance, the company that runs Douyin, also published it to the west and is known in the USA and Europe as TikTok. Companies need a license to run online payments within their app, but in 2016 Beijing stopped issuing the license as it was a risk in the rapidly growing financial segment. CHINESE PLATFORM SPOTLIGHT: The Chinese counterpart of TikTok is a social and ecommerce platform that is helping brands and marketers in China and opening doors for overseas brands. Douyin is a social media platform in China with over 350 million-Daily Active Users. 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. TikTok in China, Douyin introduced an in app online payment option called Douyin Pay which is present in the short video app alongside AliPay and WeChat Pay. 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. A Douyin spokesperson told the Global Times on Tuesday that the establishment of Douyin Pay is intended to supplement the existing major payment options and enhance users experience. In 2020, the app established an e-commerce department and in January, 2021, along with news of its. 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. Bytedances and Douyins payment ambitions werent a secret. ![]() “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. BEIJING: Beijing-based ByteDance launched on Jan 19 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.
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