![]() ByteDance is already Chinas most valuable private company, valued at 180 billion and poised to go. ![]() 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. In January, Douyins e-wallet pay feature went live. 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. 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 DOUYIN PAY CHINA WECHAT PAY LICENSE ![]() 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 DOUYIN PAY CHINA WECHAT PAY GENERATOR 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. Combined, WeChat Pay and Alipay handle roughly 90 of all mobile payments in China, a market that process roughly 70 trillion in mobile payments a year. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. BYTEDANCE DOUYIN PAY CHINA WECHAT PAY LICENSE.BYTEDANCE DOUYIN PAY CHINA WECHAT PAY SOFTWARE.BYTEDANCE DOUYIN PAY CHINA WECHAT PAY GENERATOR.
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