Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. Together, Alipay and WeChat Pay account for more than 90 of the mobile payments market in China, according to iResearch. 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. Indeed, Douyin already offers payment options from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Pay, the two dominant mobile payment apps in China. 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, the Chinese version of TikTok developed by Beijing-based ByteDance, launched a location-based social feature on Monday that allows users to find people nearby by shaking their phones. In top payments news around the world, ByteDance has launched a mobile payment offering for Douyin, while Dunzo is closing a 40 million Series E funding round. The current Alipay and WeChat Pay duopoly collectively takes up over 90 of the digital payment market, according to a recent report. 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. ByteDance founder and Chief Executive Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. ByteDance has unveiled its payment service for the Chinese version of the video app TikTok, called Douyin Pay on Tuesday, January 19. After ByteDance secured rights for its short video app Douyin to sponsor the most-watched TV programme in the world, it committed to giving away 1.2 billion yuan (US186 million) in red.
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