![]() ![]() So there may still be inaccuracies in translating, please always see Indonesian as our main language. The English, Chinese, Japanese, Arabic, French, and Spanish versions are automatically generated by the system. Follow-up has continued in order to promote the implementation of payment services. Early in September 2020, ByteDance obtained a payment license through the acquisition of Hezhong Payment. The launch of Douyin Pay appears to coincide with the 2021 Lunar New Year holiday one of the big days in China. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications. The platform started sales four years ago and is now able to operate a fast-growing e-commerce platform where more than 600 million users shop online every day.īyteDance's expansion coincided with the tightening of regulatory and supervisory functions by China's financial regulators to prevent a monopolistic tendency in the mobile payments segment of the financial services architecture. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay ByteDance founder and CEO Zhang Yiming built up the. The company has been in discussions with Walmart and Oracle to transfer some of its assets to a new company so that it is not tainted.ĭouyin is the main source of income for ByteDance. Douyin, also known as TikTok, has just launched its own digital payments business to increase its presence in the e-commerce sector in China. In China, ByteDance is under heavy pressure from the US President, Donald Trump, who is tough on Chinese businesses and even TikTok assets in the US have to be divested due to national security threats.īyteDance also confirmed that it was not a security threat and continued to deny the allegations. ![]() With more than half a billion daily users on the platform, Douyin has officially joined Alipay and WeChat Pay, which are the payment platforms that are available today.īyteDance itself gained a foothold in payment services in China when its founder and CEO Zhang Yiming acquired Wuhan Hezhong Yibao Technology Co in 2020.Īt the time of the acquisition, Hezhong Yibao turned out to have had a third-party payment license from the Central Bank of China since 2014. "The establishment of Douyin Pay aims to complement the existing major payment options it will ultimately improve the user experience," said a Douyin spokesman. In an official statement, Douyin said that Douyin Pay will complement the existing payment options while working to build a superior customer experience for users of alternative payment platforms. This move is considered a good step forward as it continues to expand into previously uncharted territory in the e-commerce business segment of the Chinese market. ![]() In his country, TikTok is better known as Douyin. Experts projected that Douyins user base in the Chinese market would very likely surpass 835 million by 2025. In January 2021, Douyin (Chinas TikTok), a short video-sharing platform, launched an in-app eWallet Douyin Pay. TikToks Chinese version Douyin has become highly popular in China. ByteDance’s move into domestic Chinese mobile payments had been expected for several months. It started selling merchandise online in 2017 and currently has millions of shoppers. Douyin is the main revenue generator for ByteDance. 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.JAKARTA - ByteDance, the parent company of TikTok, launched its first digital payment service for the Chinese version of the TikTok application, named Douyin Pay. That is to say, if one has an account of Chinas AppleID, they c. Douyin Pay, which functions similarly to reigning Chinese electronic wallets WeChat Pay and Alipay, aims to supplement existing major payment options. Douyin users have been using rival payment services from Ant Group’s Alipay and Tencent Holdings’ WeChat Pay. The short video app recently added Douyin Pay to its list of existing payment options, which have included Alipay and. 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 latest entrant in online payments is Douyin, TikTok’s Chinese version. 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. 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. ![]()
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