bytedance chinese tiktok china wechat pay

Bytedance chinese tiktok china wechat pay generator#
Bytedance chinese tiktok china wechat pay license#

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 chinese tiktok 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 chinese tiktok 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. 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. “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. Why it matters: Douyin, the domestic version of TikTok, is one of China’s most used apps with 600 million monthly active users as of. Despite revoking the bans, EO 14034 acknowledged concerns about software. TikTok’s Chinese owner has rolled out an e-wallet feature on its Douyin video-sharing app, a move that could pose a significant threat to the Alipay and WeChat duopoly in China’s mobile payment sector.

BEIJING: 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. TikTok has been quietly telling advertisers it is exploring a possible move out of China and may even consider a spinoff from its Chinese-owned parent company ByteDance, The Post has learned. On June 9, 2021, President Biden issued Executive Order (EO) 14034, revoking three Trump Administration Executive Orders which had banned transactions involving Chinese-owned apps on national security grounds (the Revoked Executive Orders).