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. (Source: Min. The platform continues to offer payment options from Alipay and WeChat Pay.
BYTEDANCE TIKTOK DOUYIN PAY CHINA WECHAT GENERATOR
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. Users are now able to select the Douyin Pay option on the short-video app. '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. 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. A fine on short video app Douyin for spreading ‘obscene, pornographic and vulgar information’ is a signal to China’s internet companies that tighter regulations are coming, state news agency. 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.
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.
0 kommentar(er)
