ByteDance has launched its third party payment support for its Chinese version of its hit brief video app TikTok,”Douyin Pay”, as it presses to enlarge in the e-commerce company in China.
“The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin stated in a statement.
Users of Douyin, which gathered 600 million daily busy users, formerly might use Ant Group’s Alipay and Tencent Holdings‘ WeChat Pay, the nation’s two omnipresent third-party mobile payment stations, to buy virtual gifts for livestreamers or items in stores on the platform.
ByteDance creator and Chief Executive Officer Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co This past Year. Hezhong Yibao acquired a third-party payment license from the central bank in 2014.
ByteDance was ordered by the incoming Trump government to divest TikTok’s US resources on national security concerns.
Douyin is your most important revenue generator for ByteDance. It provides a glimpse of what TikTok could finally become, as Douyin began selling product in 2017 and today operates a developing e-commerce operation where hundreds of millions of users shop on a daily basis.
ByteDance’s growth comes as China’s financial regulators are rebuilding supervision over financial tech firms, particularly companies like Ant Group.
China’s third party payment industry is dominated by Alipay and WeChat Pay, with the former taking 55.39% of the entire market in the next quarter of this past year, according to market researcher Analysys. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay.
The team at Platform Executive hope you have enjoyed this news article. Translation from English to other languages via Google Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai.
Stay on top of the latest developments across the platform economy and gain access to our problem-solving tools, proprietary databases and content sets by becoming a member of our community. For a limited time, premium subscription plans start from just $7 per month.