June 27, 2022

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Technology Forever

TikTok operator ByteDance launches cellular payments in China

A image of TikTok (Douyin) is pictured at The Place shopping mall at dusk on August 22, 2020 in Beijing, China.

VCG | Visible China Team | Getty Pictures

GUANGZHOU, China — ByteDance has launched a new payment assistance within just Douyin, the Chinese variation of quick-movie sharing app TikTok.

Douyin end users can select Douyin Pay out to make purchases in just the small-video clip app. Creators generally offer merchandise or goods connected to their articles.

“The set-up of Douyin Pay … is to complement the present key payment selections, and to eventually boost person knowledge on Douyin,” ByteDance claimed in a assertion. ByteDance owns both of those Douyin and TikTok.

Without a doubt, Douyin already features payment selections from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Shell out, the two dominant cellular payment apps in China.

Collectively, Alipay and WeChat Spend account for extra than 90% of the cellular payments industry in China, in accordance to iResearch.

Both equally payment solutions are readily available inside of apps but also at bodily suppliers wherever shoppers can scan barcodes to obtain goods. This is unique to Douyin Pay back which will just be readily available in just the Douyin application.

Douyin’s payment system is operated by Wuhan Hezhong Yibao Technologies, a company ByteDance obtained about two many years ago. People will need a Chinese financial institution account to use Douyin Pay out.

The hottest push into both equally e-commerce and monetary technologies, or fintech, highlights ByteDance’s want to develop further than social networking. This has provided forays into cellular gaming, a lookup engine and audio streaming.