The license, in turn, allows Douyin, Toutiao and other ByteDance services to offer payment features.
Last September, a company controlled by ByteDance founder Zhang Yiming bought out a payments solution provider called Wuhan Hezhong Yibao Technology Co.
#DOUYIN TIKTOK PAY CHINA WECHAT PAY LICENSE#
Like other internet firms, Douyin parent ByteDance snapped up a coveted payments license by acquiring a third-party payments firm. All in all, Alipay and WeChat Pay handle about 90% of China's electronic payments. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's (688688.SS)Alipay and Tencent Holdings' (0700.HK)WeChat Pay, the country's two ubiquitous. Other internet giants, such as e-commerce giant JD.com and food delivery service Meituan, have also tried luring people to use their own payment methods, though the market duopoly is hard to break. Instead of the ubiquitous WeChat Pay and Alipay, they may opt for Douyin Pay one day, if the incentives are great enough. Users can be directed to a product link while watching a video of an influencer reviewing, say, a lipstick. Payment is a natural step for Douyin, which has a growing e-commerce business.
With 600 million, the daily active user (DAU) number of Douyin is even more impressive. Its main competitors are Kuaishou, Xigua, WeeSee (Weishi), and Huoshan. "The set-up of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin," a Douyin spokesperson said. With more than 550 million monthly active users (MAU), Douyin (, shaking sound) is leading the short-video app universe in China by far. The short video app recently added "Douyin Pay" to its list of existing payment options, which have included Alipay and WeChat Pay. The latest entrant in online payments is Douyin, TikTok's Chinese version. Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay.Tencent's WeChat Pay and Alibaba's affiliate Alipay have long dominated digital payments in China, but they have always faced new challengers. 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. market dominance, Douyin is often named in China as the upstart that could knock off WeChat, the nine-year-old 'super-app' owned.
#DOUYIN TIKTOK 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. And just as TikTok has been framed as a threat to Facebooks U.S. Currently, Douyin Payment can support account binding with ten Chinese bank cards, including Bank of China, China Merchants Bank and Bank of Communications. 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. The payment service agreement of Douyin Pay shows that the functions of Douyin payment mainly include recharge, cash withdrawal, transfer and inquiry. 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.
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