![]() To reach this goal, Douyin has been pushing for live-streaming in collaboration with celebrities such as Luo Yonghao. The Beijing company is looking to expand its eCommerce business and take on China’s big payments platforms Ant Group’s Alipay and Tencent Holdings’ WeChat Pay. According to 36kr, Douyin set its e-commerce GMV goal at 200 billion RMB for 2020. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. For mangos, six of the top-10 ranking results are from Douyin stores, two go to JD.COM, and two go to Kaola. The set-up of Douyin Pay is to supplement the existing major payment options. 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 the oversight rules for 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. TikTok owner ByteDance launches Douyin Pay, its mobile payment service for China. ![]() REVENUE GENERATORĭouyin is the main revenue generator for ByteDance. The company, which denies the allegation, has been in talks for months with Walmart Inc and Oracle Corp to shift those assets into a new entity. The business model, known as livestreaming. Bytedance is building an e-commerce platform on Douyin around its active livestreaming community. Context: An in-house payment tool is essential to many of Bytedance’s offerings, including e-commerce and lending services. Payments are processed by Ulpay, the Hubei-based firm it acquired in 2018. Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. More after effects,footage and motion backgrounds Apertura Douyin templates free Download for commercial usable,Please visit PIKBEST. The app previously supported WeChat Pay and Alipay. Hezhong Yibao obtained a third-party payment licence from the central bank in 2014.īyteDance has been ordered by the outgoing Trump administration to divest TikTok’s US assets on national security concerns. Are you looking for Apertura Douyin video editable templates for designing Pikbest have found 110 great Apertura Douyin royalty free stock video templates. Read more: Biden’s cabinet picks declare trade war with China far from overīyteDance founder and Chief Executive Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. Users of Douyin, which has amassed 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 from livestreamers or items from shops on the platform. ![]() “The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin said on Tuesday. Beijing-based ByteDance has launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China.
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