Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. In order to sustain its social commerce business, Kuaishou paid Tencent 9.13 million (2017), 21.98 million (2018), and 33.89 million (2019) to use its payment solution, WeChat 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. ByteDance has unveiled its payment service for the Chinese version of the video app TikTok, called Douyin Pay on Tuesday, January 19. The move is a scoop for Douyin Pay and can potentially attract hundreds of millions of consumers onto Douyin Pay´s platform. 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. 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. Indeed, Douyin already offers payment options from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Pay, the two dominant mobile. 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. 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. 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.
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