![]() Previous data also showed around 60 percent of Douyin users are female, and about 70 percent of them reside in China’s top-tier cities. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups Alipay and Tencent Holdings WeChat Pay, the countrys two ubiquitous third-party mobile payment. Reporting by Yingzhi Yang and Brenda Goh. 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 latest statistics released by Douyin CEO Zhang Nan () on January 15 indicated the app’s number of daily active users (DAU) reached 250 million and the monthly active users exceeded 500 million. Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. 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. 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. ![]() On December 24, 2020, Beijing-based ByteDance, the owner of TikTok, filed a trademark application for 'Douyin Pay'. There were 801.7 million mobile payment users in mainland China at the end of June. Douyin, the Chinese version of TikTok, today launched Douyin Pay, a payment service that gives users the option to pay with it in addition to Alipay and WeChat Pay within the short video app. BEIJING (Jan 19): 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 business in China.'The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,' Douyin said in a statement to Reuters. 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 stakes are high for Douyin Pay, as Alipay and WeChat Pay continue to lead China’s mobile payments industry. 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. 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.
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