![]() ![]() This story has been published from a wire agency feed without modifications to the text. Tencent Holdings’ super app WeChat, with a user base of 1.2 billion people, has blocked links for a ByteDance remote work tool, as Chinese tech giants fight for dominance in the burgeoning. 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. ![]() 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. The ByteDance logo (REUTERS) Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay ByteDance founder. 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. However, the owner of TikTok, ByteDance, did not. ![]() According to Alipays official website, it has over one. Chinese users have been able to make payments directly from Douyin for more than four years, thanks to third-party services WeChat Pay and AliPay. ByteDance, owner of short video sharing platform services Douyin (China) and TikTok (U.S. 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.īyteDance founder and CEO Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. 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. With its payment service, ByteDances Douyin joins the ranks of mobile payment giants such as Ant Groups Alipay and Tencents WeChat Pay. ![]()
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