- #Douyin chinese tiktok pay wechat pay how to#
- #Douyin chinese tiktok pay wechat pay generator#
- #Douyin chinese tiktok pay wechat pay license#
Light touch banking regulations enabled Alibaba and Tencent to grow into vast and ubiquitous online financial services businesses.
China’s government intervention could aid ByteDance The new antitrust measures, which for the first time directly tackle anti-competitive behaviour in the internet sector, have the potential to reshape the digital payments market in favor of new entrants. However, ByteDance is seizing the opportunity to enter the digital payments space at a time when Chinese regulators are tightening their grip on powerful tech companies. 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 digital payments market in China is currently dominated by Alipay and WeChat Pay, a duopoly making up over 90% of the market. 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. 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. Learn how your comment data is processed.ByteDance – the company behind the popular video-sharing app TikTok – has this week launched a third-party payment service for Douyin, the Chinese version of TikTok. The short video app recently added Douyin Pay to its list of existing payment options, which have included Alipay and WeChat Pay. (Reporting by Yingzhi Yang in Beijing and Brenda Goh in Shanghai) Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. Douyin Pay, which functions similarly to reigning Chinese electronic wallets WeChat Pay and Alipay, aims to supplement existing major payment options. 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.
#Douyin chinese tiktok pay 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.
#Douyin chinese tiktok pay 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 US assets on national security concerns. 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.īyteDance founder and CEO Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year.
#Douyin chinese tiktok pay wechat pay how to#
How to set up WeChat Pay and Alipay: Step-by-step guide. You can also top up your Alipay account easily online using your Wise multi-currency account and linked card. “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. Alipay and WeChat Pay top up in Singapore If you already have an account up and running you can continue to top up online using your linked account and card.It boasts more advanced e-commerce features than the international TikTok app, such as allowing users to. REUTERS/Thomas Suen/File photoīEIJING (Reuters) – Beijing-based ByteDance launched on Tuesday its third-party payment service for the Chinese version of its hit short video app TikTok, “Douyin Pay”, as it presses to expand into the e-commerce business in China. Douyin is social media app TikToks Chinese platform. The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance. Douyin already offers payment options from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Pay, the two. BEIJING (Reuters) Beijing-based ByteDance launched on Tuesday its third-party payment service for the Chinese version of its hit short video app TikTok, Douyin Pay, as it presses to expand into the e-commerce business in China. FILE PHOTO: People walk past a logo of Bytedance, the China-based company which owns the short video app TikTok, or Douyin, at its office in Beijing, China July 7, 2020. Douyin users can choose Douyin Pay to make purchases within the short-video app.
0 kommentar(er)
