Livestream shopping is a nearly $70 billion industry in China, attracting influencers who scour markets and malls for items to peddle to live audiences via social media. 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.ĭouyin, which listed over 600 million daily active users last year, has quickly grown from its short video roots to include livestreaming and e-commerce. 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. TikTok owner ByteDance has begun rolling out an electronic payment service connected to Douyin, the Chinese version of the popular short video app, the tech giant said Tuesday.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,” ByteDance told AFP. Digital hongbao have become increasingly popular in recent times.In this file photo illustration taken on November 21, 2019, the logo of the social media video sharing app Tiktok is displayed on a tablet screen in Paris. The set-up of Douyin Pay is to supplement the existing major payment options, and to. Red envelopes, or hongbao, are traditionally used in China when gifting cash, especially at festive times of the year. BEIJING (Reuters) - 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. Alipay won the rights in 2016, paying CNY268.8 million. The total number of WeChat red envelopes sent and received reached 1.01 billion on Chinese New Year’s Eve that year, while WeChat Shake interactions hit 11 billion. WeChat paid CNY53 million (USD8.2 million) to be the exclusive interactive platform for the event in 2015.
Context: An in-house payment tool is essential to many of Bytedance’s offerings, including e-commerce and lending.
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. A federal judge has granted a preliminary injunction blocking the ban on U We sent an email to affected users to explain what to do next Basically, you can pay for almost anything in China using WeChat Pay (or WeChat Wallet) 'micro-message') is a Chinese multi-purpose messaging, social media and mobile payment app developed by Tencent WeChat Pay currently has a. A trademark for Douyin Pay was ‘under application’ in December, according to corporate data platform Qichacha, while ByteDance also owns the domain name for, which has not yet officially gone live.ĭouyin will be the exclusive sponsor for the ‘red envelope’ campaign for CCTV’s Spring Festival Gala this year, a television event that draws in a vast audience, the Securities Times reported previously, without saying how much ByteDance had paid for the rights. The app previously supported WeChat Pay and Alipay. ByteDance, owner of TikTok, starts e-payment service Douyin Pay functions similarly to reigning Chinese electronic wallets WeChat Pay and Alipay by AT Contributor JanuA poster of Chinese livestreamer and beauty influencer Li Jiaqi, also known as king of lipstick, is seen in a subway station in Shanghai.
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It is now testing a system that can link with cards issued by 10 lenders including Agricultural Bank of China, China Construction Bank, Bank of China, Postal Savings Bank of China, Bank of Communications and China Merchants Bank, the firm said.īeijing-based ByteDance acquired its payments license after buying Wuhan Hezhong Yibao Technology last August. 19 - Douyin, the Chinese version of TikTok, is trialing its own in-app payment system six months after parent company ByteDance obtained a license for such a business.ĭouyin already accepts popular payment methods Alipay and WeChat Pay.
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