Douyin began sales of merchandise four years ago and is now operating a thriving e-commerce platform where over 600 million users do their online shopping daily.īyteDance’s expansion coincides with a tightening of regulations and oversight functions by China’s financial regulators to prevent monopolistic tendencies in the mobile payment segment of the financial services architecture. The deal: Bytedance, Oracle, and Walmart will form a new company called Tiktok Global as part of the deal, CNBC reported Saturday.
Users of Douyin previously could use Ant Group’s Alipay and Tencent. Accu001fording to Reuters, the initiative comes to supplement the existing major payment options, and enhance user experience, as the company plans to expand into the ecommerce business in China. Meanwhile, Chinese officials criticized the US for lacking internet freedom. TikTok owner ByteDance rolls out Douyin Pay, a mobile payment service for China. The company has had discussions with Walmart and Oracle to move part of its assets into a new and untainted company.ĭouyin is the main revenue source for ByteDance and gives us an inkling of what TikTok could metamorphose into. Chinese parent company Bytedance denied some of Trump’s claims that the new Tiktok company would have nothing to do with China. TikTok’s Chinese version Douyin launches e-wallet to compete with Alipay, WeChat Pay. assets due to national security threats.īyteDance insists that it is not a security threat, and continues to deny the allegations.
BYTEDANCE CHINESE TIKTOK CHINA WECHAT PAY LICENSE
Hezhong Yibao, at the time of its acquisition, already had a third-party payment license from the Chinese Central Bank in 2014.īyteDance has had some taste of almost out gone US President, Donald Trump administration’s seeming harsh stance against Chinese businesses, as it had been directed to divest TikTok’s U.S.
Editor’s Pick: US government blacklists Xiaomi and 8 other Chinese companiesīyteDance got a foothold on the payment service in China when its founder and CEO, Zhang Yiming acquired Wuhan Hezhong Yibao Technology Co in 2020. Bytedance, the company behind the popular video-sharing app Tiktok and its Chinese sister Douyin, is launching its very own payment solution for its Chinese consumers. ByteDance Donald Trump wants TikTok to help bankroll a 5bn patriotic education fund What is TikTok and why is Donald Trump banning the Chinese app Judge.
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