- #Douyin bytedance chinese douyin wechat pay generator#
- #Douyin bytedance chinese douyin wechat pay license#
The Africa Tech For Trade Alliance (AT4T) is a public-private partnership platform designed to promote the expansion of e-commerce and digital trade in Africa. Interswitch Group is delighted to align with the Africa Tech For Trade Alliance, a partnership which was cemented at the recently concluded African Tech Summit 2023 in Washington D.C, USA, on April 12. Other more complicated functions such as online lending, insurance policies and wealth management products are not supported currently.Īlipay and WeChat Pay dominate China’s online payment market and their smaller rivals often have to rely on the two services for most online transactions, a duopoly that will be challenged with this new innovation. The app, which listed over 600 million daily active users last year, has quickly grown from its short video roots to include live streaming and e-commerce.ĭouyin Pay enables only general bank card functions, such as cash withdrawals and transfers, as well as payments within its own Douyin app, a company spokesperson said. The launch of ByteDance’s payment service comes at a time when China’s bank regulators are tightening rules for online financial services offered by internet players, which culminated in the cancellation of Ant’s record-breaking initial public offering last November. Users of the app will be able to connect bank accounts to the service, which can then be used to pay for products promoted by video influencers as well as to tip content makers.īyteDance said it would gradually roll out the function to users. The move sees the tech giant wade into China’s lucrative market for electronic payment services, which are used by hundreds of millions of consumers for everything from street food to fast fashion and online purchases. “The setup of Douyin Pay (Douyin Zhifu) is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” the Beijing-based company said in a statement on Tuesday.Īlipay and WeChat are offered by Ant Group, an affiliate of Alibaba Group Holding and Tencent Holdings.ĭouyin Pay, which functions similarly to reigning Chinese electronic wallets, WeChat Pay and Alipay, aims to supplement existing major payment options and to ultimately enhance user experience. Users of Douyin, ByteDance’s Chinese version of TikTok, discovered that they have been offered an additional payment option for in-app purchases called Douyin Pay, alongside the existing Alipay and WeChat Pay. On Twitter, Facebook, Google News, and Instagram.TikTok owner, ByteDance, has rolled out an electronic payment service connected to Douyin, the Chinese version of the popular short video app.
Reporting by Yingzhi Yang and Brenda Goh.įollow HT Tech for the latest tech news and reviews, also keep up with us Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. 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 douyin 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 douyin 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. 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.
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