It has also been hiring globally, and notably in Singapore, for a team to build cross-border payments solutions. (Source: Min.news)īeijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay.
Users are now able to select the Douyin Pay option on the short-video app. It also continues to offer payment options from Ant Group’s Alipay and Tencent ’s WeChat Pay.īyteDance, together with Bilibili, Meituan, Pinduoduo and Didi, are the latest companies to vie for a share of China’s payments sector which is currently dominated by Alipay and WeChat Pay, amid the Chinese government’s crackdown on monopoly practices in the country’s internet sector.Īlipay and WeChat Pay account for more than 90% of the mobile payments market in China, according to iResearch. The new payment service allows users to link their accounts to a number of lenders including Bank of China, China Construction Bank and Agricultural Bank of China to make purchases within the app, which has 600 million daily active users.
SEE ALSO: ByteDance’s Douyin Releases 2020 White Paper on Travel Vloggers The establishment of Douyin Pay “is to supplement the existing major payment options, and to ultimately enhance the user experience on Douyin,” the company told Pandaily on Wednesday. Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market.
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