DOUYIN BYTEDANCE CHINESE PAY WECHAT PAY GENERATOR
DOUYIN BYTEDANCE CHINESE PAY 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.

DOUYIN BYTEDANCE CHINESE 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 BYTEDANCE CHINESE 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 U.S. (system supported by DigitalSiber.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. So there may still be inaccuracies in translating, please always see Indonesian as our main language. The English, Chinese, Japanese, Arabic, French, and Spanish versions are automatically generated by the system. The launch of Douyin Pay appears to coincide with the 2021 Lunar New Year holiday one of the big days in China. The platform started sales four years ago and is now able to operate a fast-growing e-commerce platform where more than 600 million users shop online every day.īyteDance's expansion coincided with the tightening of regulatory and supervisory functions by China's financial regulators to prevent a monopolistic tendency in the mobile payments segment of the financial services architecture. The company has been in discussions with Walmart and Oracle to transfer some of its assets to a new company so that it is not tainted.ĭouyin is the main source of income for ByteDance. In China, ByteDance is under heavy pressure from the US President, Donald Trump, who is tough on Chinese businesses and even TikTok assets in the US have to be divested due to national security threats.īyteDance also confirmed that it was not a security threat and continued to deny the allegations.

With more than half a billion daily users on the platform, Douyin has officially joined Alipay and WeChat Pay, which are the payment platforms that are available today.īyteDance itself gained a foothold in payment services in China when its founder and CEO Zhang Yiming acquired Wuhan Hezhong Yibao Technology Co in 2020.Īt the time of the acquisition, Hezhong Yibao turned out to have had a third-party payment license from the Central Bank of China since 2014. 'The establishment of Douyin Pay aims to complement the existing major payment options it will ultimately improve the user experience,' said a Douyin spokesman. In an official statement, Douyin said that Douyin Pay will complement the existing payment options while working to build a superior customer experience for users of alternative payment platforms. This move is considered a good step forward as it continues to expand into previously uncharted territory in the e-commerce business segment of the Chinese market. In his country, TikTok is better known as Douyin. JAKARTA - ByteDance, the parent company of TikTok, launched its first digital payment service for the Chinese version of the TikTok application, named Douyin Pay.

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