#Bytedance douyin pay china wechat pay generator#
#Bytedance douyin pay 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 douyin 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.

#Bytedance douyin pay 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. ByteDance, the Beijing-based tech giant which owns social media apps like. Wuhan Hezhong Yibao Technology Co, which Douyin has worked with for more than two years, provides services for Douyin Pay.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. Chinas digital payments industry is potentially facing its next major shakeup. In August, it obtained a payment license via an acquisition. In November 2020, ByteDance applied for the 'doupay' trademark, and its registrar - which is commonly used to store domain names - added a new domain name named.

'E-commerce has undoubtedly become a key segment that ByteDance wants to develop for the Douyin app, and achieving self-reliant payment services is a necessary move toward that,' Liu added.įor late movers, it feels more secure to have a grip on payments instead of relying excessively on the two giants, just in case any extreme situation arises in the fierce competition, he noted. 'Payments have become typical and necessary features for big internet players in China, due to their linkages with valuable data and services,' Liu Dingding, a Beijing-based independent analyst, told the Global Times on Tuesday. It can bring huge traffic to its payment entry when viewers watch a livestreaming show and pay for the products, Mu said. (Source: Min.news) Beijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay. 'But it's possible that late movers can stand out in some particular application scenarios,' Mu Chu, an analyst from, a Shenzhen-based mobile payment intelligence provider, told the Global Times on Tuesday.ĭouyin, as the dominant player in China's livestreaming arena, has a natural advantage. Users are now able to select the Douyin Pay option on the short-video app. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay.

Establishing Douyin Pay is a step further to enhance services, it said.Īlthough more players are rushing into digital payments in the huge market in China, it is hard for newcomers to avoid the dominant position that Alipay and WeChat Pay have long held, given the two giants' mature products and complete compliance systems, analysts said.Īlipay has 54 percent and WeChat Pay has 39 percent of the Chinese third-party payment market by value, according to research firm Analysys. China’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. 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. Douyin, the popular short-video sharing platform owned by Chinese start-up ByteDance, launched its in-app payment tool Douyin Pay on Tuesday, a move that aligns with the app's strategic move toward the e-commerce sector while playing a defensive role in the fierce competition among domestic internet players, analysts said.Ī Douyin spokesperson told the Global Times on Tuesday that the establishment of Douyin Pay is intended to supplement the existing major payment options and enhance users' experience.ĭouyin has long had other in-app payment methods besides the major ones like Alibaba's Alipay and Tencent's WeChat Pay.