![]() In 2018, Bytedance traded anti-defamation lawsuits with Tencent as the companies accused one another of trying to undermine their reputation. Combined, WeChat Pay and Alipay handle roughly 90% of all mobile payments in China, a market that process roughly $70 trillion in mobile payments a year.īytedance, which was founded in 2012, has been at odds with the tech titans before. If an influencer is wearing a particular shirt, for example, the brand can pay Bytedance to link the video to the sales page for that item.Īdding an in-house payments system seems like a logical step, as it encourages users to keep cash within the Bytedance ecosystem and reduces Douyin’s reliance on its rivals, Alibaba and Tencent.Ĭurrently, Douyin’s users mostly make payments on the app through Tencent’s WeChat Pay and Alibaba-affiliate Ant’s Alipay. The technology has opened up new tools for advertisers. and other international markets-Douyin users are able to shop for products through the app by clicking on the short-video clips, which directs them to an online marketplace. Unlike on TikTok-the Douyin clone Bytedance built for the U.S. When Bytedance bought Wuhan Yibao last September, it acquired the license too. The video-sharing app expanded into e-commerce in 2017 and, last year, acquired a small payments technology company called Wuhan Hezhong Yibao Technology in order to expand into mobile payments.Ĭompanies in China need a license to run mobile payments services and Beijing, wary of risk in a new fast growing financial segment, stopped issuing them in 2016, after it had already granted one to Wuhan Yibao. ![]() ![]() “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. Douyin, the China-only sister company of TikTok, has quietly launched a new in-app payment feature called Douyin Pay, nestling the option alongside services offered by rivals Alibaba and Tencent as Douyin’s parent company, Bytedance, pushes further into e-commerce. ![]()
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