- BYTEDANCE DOUYIN PAY CHINA WECHAT PAY GENERATOR
- BYTEDANCE DOUYIN PAY CHINA WECHAT PAY SOFTWARE
- BYTEDANCE DOUYIN PAY CHINA WECHAT PAY LICENSE
Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. Combined, WeChat Pay and Alipay handle roughly 90 of all mobile payments in China, a market that process roughly 70 trillion in mobile payments a year. 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 DOUYIN PAY CHINA WECHAT PAY 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.
BYTEDANCE DOUYIN PAY CHINA WECHAT PAY LICENSE
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. In January, Douyins e-wallet pay feature went live. 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. ByteDance is already Chinas most valuable private company, valued at 180 billion and poised to go. “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. The digital payments market in China is currently dominated by Alipay and WeChat Pay, a duopoly making up over 90 of the market. Launched in January 2021, by April this year, it appeared as the second most recommended payment method on Douyin, just below Alipay and above WeChat Payment.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, Reuters reports. The service is called Douyin Pay and will allow the company to use its platform of 600 million daily users to grow its ecommerce presence. The app's popularity with users has been unprecedented. However, the future of Douyin Pay (a third-party mobile payment company) and an operative of ByteDance that enables eCommerce transactions via its video app, Douyin - the Chinese version of TikTok, has not yet been revealed. Reports suggest that ByteDance plans to put much more emphasis on eCommerce and gaming services than its fintech operations, which have so far featured relatively small in comparison to the tech giant’s investments in other areas.
BYTEDANCE DOUYIN PAY CHINA WECHAT PAY SOFTWARE
The announcement follows ByteDance’s recent acquisition of Pico - a virtual reality startup that offers a wide suite of hardware and software technologies to support BytDance’s entry into the VR space. In an official statement from the company, a spokesperson confirmed the news, saying, that the “continued campaign to “prevent the irrational expansion of capital”, has resulted in, “the company scaling back its finance-related business and plans to sell the securities brokerage operation.”Īccording to a report by the South China Morning Post, ByteDance’s efforts to scale down its financial services were also the result of the company’s education technology ambitions being squashed by Beijing’s crackdown on the off-campus tutoring market. Companies must now set up financial holding companies in order to meet the new requirements. The move has been a direct response to new legislation that has increased scrutiny on the fintech market. The company will ‘shrink’ its financial services arm and has announced plans to sell off its stockbroker operations as part of the scale-back. The Beijing-based technology company ByteDance has announced plans to scale back on its finch operations following a hard clamp down on the sector by Chinese government regulators.