Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. After ByteDance secured rights for its short video app Douyin to sponsor the most-watched TV programme in the world, it committed to giving away 1.2 billion yuan (US186 million) in red. 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. 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 Analysis 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. 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. Sign up today for 5 free articles monthly Sign in with Email or subscribe to a full access plan. 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 live streamers or items from shops on the platform. WeChat paid 53 million yuan (8.2 million) to be the exclusive interactive platform for the event in 2015 while Alipay paid 268.8 million in 2016, according to Yicai Global. Combined, WeChat Pay and Alipay handle roughly 90 of all mobile. “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. Currently, Douyin’s users mostly make payments on the app through Tencent’s WeChat Pay and Alibaba-affiliate Ant’s Alipay. 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. Douyin, the Chinese version of TikTok developed by Beijing-based ByteDance, launched a location-based social feature on Monday that allows users to find people nearby by shaking their phones.
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