Beijing-based ByteDance launched on Tuesday its third-party cost service for the Chinese model of its hit quick video app TikTok, “Douyin Pay”, because it presses to broaden into the e-commerce enterprise 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 mentioned in a press release.
Users of Douyin, which gathered 600 million every day energetic customers, beforehand may use Ant Group’s Alipay and Tencent’s WeChat Pay, the nation’s two ubiquitous third-party cellular cost channels, to purchase digital presents for livestreamers or gadgets from retailers on the platform.
ByteDance founder and CEO Zhang Yiming constructed up the corporate’s cost functionality in China by buying Wuhan Hezhong Yibao Technology final yr. Hezhong Yibao obtained a third-party cost license from the central financial institution in 2014.
Douyin is the principle income generator for ByteDance. It supplies a glimpse of what TikTok may finally grow to be, as Douyin began promoting merchandise in 2017 and now operates a rising e-commerce operation the place tons of of thousands and thousands of customers store every day.
ByteDance’s growth comes as China’s monetary regulators are tightening oversight over monetary expertise corporations, notably firms akin to Ant Group.
China’s third-party cost sector is dominated by Alipay and WeChat Pay, with the previous taking 55.39 % of the full market within the second quarter of final yr, in keeping with market researcher Analysys. Other gamers embody JD.com’s JD Pay, Baidu Wallet, and Meituan Pay.
© Thomson Reuters 2021
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