![]() 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. Beijing-based ByteDance recently 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. 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. This facilitates transactions by enabling users to do everything from finding inspiration, learning about products and making purchases without once leaving the Douyin app. Douyin even has integrated its own payment mechanism within the Douyin app. 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. 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. Douyin Pay: Make payments without leaving the app. 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. ![]() How to set up WeChat Pay and Alipay: Step-by-step guide. You can also top up your Alipay account easily online using your Wise multi-currency account and linked card. In his country, TikTok is better known as Douyin. Alipay and WeChat Pay top up in Singapore If you already have an account up and running you can continue to top up online using your linked account and card.Douyin began sales of merchandise four years ago and is now operating a thriving e-commerce platform where over 600 million users do their online shopping daily.īyteDance’s expansion coincides with a tightening of regulations and oversight functions by China’s financial regulators to prevent monopolistic tendencies in the mobile payment segment of the financial services architecture.JAKARTA - ByteDance, the parent company of TikTok, launched its first digital payment service for the Chinese version of the TikTok application, named Douyin Pay. The company has had discussions with Walmart and Oracle to move part of its assets into a new and untainted company.ĭouyin is the main revenue source for ByteDance and gives us an inkling of what TikTok could metamorphose into. ![]() assets due to national security threats.īyteDance insists that it is not a security threat, and continues to deny the allegations. The short-video app, which boasts over 400 million daily active users, said that since the trend was brought to its attention over the weekend, it had removed more than 170,000 comments, roughly 30,000 videos, and over 350 hashtags related to the meme. Hezhong Yibao, at the time of its acquisition, already had a third-party payment license from the Chinese Central Bank in 2014.īyteDance has had some taste of almost out gone US President, Donald Trump administration’s seeming harsh stance against Chinese businesses, as it had been directed to divest TikTok’s U.S. The decision was announced in a statement (in Chinese) issued by Douyin on July 29. Editor’s Pick: US government blacklists Xiaomi and 8 other Chinese companiesīyteDance got a foothold on the payment service in China when its founder and CEO, Zhang Yiming acquired Wuhan Hezhong Yibao Technology Co in 2020.
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