Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. 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. 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. Previous studies rarely interrogate Chinese queer groups’ socially sanctioned performance of identities on popular video-sharing platforms such as Douyin. Recently, exercise livestreamers Liu Genghong and his wife Wang Vivi sparked a fitness revolution on Douyin. Likewise, the use of these platforms empowers LGBTQ individuals living in China to share knowledge and experiences, receive social and emotional support and so on. ![]() 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. China’s livestreaming e-commerce market size is expected to rise by an additional 150.73 billion RMB (22.45 billion US) in 2022. Hezhong Yibao obtained a third-party payment license from the central bank in 2014. 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 live streamers 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. With mobile payments becoming ubiquitous in China, the next frontier for Alipay and WeChat Pay is to make their services available overseas for Chinese. "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. Back then, links to e-commerce platforms such as Taobao could not be opened, while those to video sites such as Douyin could.Beijing-based ByteDance launched on Tuesday its third-party payment service for the Chinese version of its hit short video app TikTok, "Douyin Pay", as it presses to expand into the e-commerce business in China. WeChat released an update in November 2021, announcing direct access to external links in peer-to-peer chats and piloting a new function for external e-commerce links in group chats. Launched in 2009, it is one of the biggest social media platforms in China, with over 550 million monthly active. Tencent subsequently said it would look at further linkage with other platforms, bearing in mind “safety as the bottom line.” Sina Weibo is a Chinese microblogging platform. In September 2021, China’s Ministry of Industry and Information Technology summoned major internet companies to discuss ways to make it easier for users to share information between platforms. Douyin is probably the platform that is the most financially dependent on advertising revenue and, therefore, has the largest interest in being friendly to advertisers. A source at Tencent said Taobao’s links can be opened probably because they do not contain garbled characters, as “normal links are fine.” For instance, Chinese e-commerce platform Pinduoduo was relying on third-party payment channels such as Alipay and WeChat Pay until its payment solution, 'Duoduo Pay', was unveiled at the end of 2020. To ensure user experience and data security, WeChat has been maintaining strict and standardized management of external link content and is cracking down on special character sets, logos, and codes, as well as passwords that can harass users, it told Yicai Global.īut the response did not clarify why messages forwarded from Douyin could not be copied. At the same time, platforms incur significant expenses on external payment solutions. External links to Alibaba Group Holding’s e-commerce platform Taobao were working fine, they added. Over 22 million creators made more than 41.7 billion yuan (6.15 billion) on the platform over the past year, ByteDance China CEO Kelly Zhang said at the Douyin Creator Conference in Shanghai. On May 21, Tencent’s WeChat Pay rolled out a new palm payment method, whereby users can complete an entire transaction with a simple wave of their hand. ![]() 11 - WeChat, Tencent Holdings’ super-app for instant messaging, mobile payments, and more, has blocked users from accessing ByteDance’s short video platform Douyin, the Chinese version of TikTok.Ī number of Douyin users told Yicai Global yesterday that they could not directly open or copy any link to the short-video platform. 14 hours ago &0183 &32 What Happened: Already freed from carrying wallets, Chinese citizens can now also leave their phones at home.
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