![]() ![]() ![]() Livestream shopping is a nearly $70 billion industry in China, attracting influencers who scour markets and malls for items to peddle to live audiences via social media. ![]() Users of the app will be able to connect bank accounts to the service, which can then be used to pay for products promoted by video influencers as well as to tip content makers.īyteDance said it would gradually roll out the function to users.ĭouyin, which listed over 600 million daily active users last year, has quickly grown from its short video roots to include livestreaming and e-commerce. The move sees the tech giant wade into China's lucrative market for electronic payment services, which are used by hundreds of millions of consumers for everything from street food to fast fashion and online purchases. being shut down in the US if its Chinese parent company, Byte Dance. China'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. Douyin began sales of merchandise four years ago and is now operating a thriving e-commerce platform where over 600 million users do their online shopping daily.īyteDance’s expansion coincides with a tightening of regulations and oversight functions by China’s financial regulators to prevent monopolistic tendencies in the mobile payment segment of the financial services architecture.Douyin Pay, which functions similarly to reigning Chinese electronic wallets WeChat Pay and Alipay, aims to "supplement existing major payment options, and to ultimately enhance user experience," ByteDance told AFP. WeChats payment services will be barred from processing payments within the US. Douyin, the China-only sister company of TikTok, has quietly launched a new in-app payment feature called Douyin Pay, nestling the option alongside services offered by rivals Alibaba and Tencent. ByteDance, owner of short video sharing platform services Douyin (China) and TikTok (U.S.), has reportedly launched a payment service for the 600 million users of the Douyin platform. The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance. 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. The company has had discussions with Walmart and Oracle to move part of its assets into a new and untainted company.ĭouyin is the main revenue source for ByteDance and gives us an inkling of what TikTok could metamorphose into. China’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55. 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. ![]() assets due to national security threats.īyteDance insists that it is not a security threat, and continues to deny the allegations. Hezhong Yibao, at the time of its acquisition, already had a third-party payment license from the Chinese Central Bank in 2014.īyteDance has had some taste of almost out gone US President, Donald Trump administration’s seeming harsh stance against Chinese businesses, as it had been directed to divest TikTok’s U.S. TikTok owner ByteDance set to challenge Alipay, WeChat Pay. With the emergence of TikTok payment function in ByteDance. Facebook redid its social media site to integrate private messaging, group chats, and payments that resemble innovations that WeChat pioneered years ago. China’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. Editor’s Pick: US government blacklists Xiaomi and 8 other Chinese companiesīyteDance got a foothold on the payment service in China when its founder and CEO, Zhang Yiming acquired Wuhan Hezhong Yibao Technology Co in 2020. ByteDance China CEO Kelly Zhang said users of Douyin, the Chinese version of TikTok. Under Alis Alipay and Tencents WeChat, the third-party payment industry has been. ![]()
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