![]() ![]() ![]() Its acq uis iti on of Mus ica l.l y in Aug ust 201 8 cem ent ed its gro win g dominance in the US and around the world. Within two years it had become a leading sho rt vid eo pla tfo rm in As ia. Launched by ByteDance in September 2016, TikTok – known as Douyin in China – is a social media app for creating and sharing videos as well as live broadcasting. The app previously supported WeChat Pay and Alipay. A Bytedance spokesperson said the feature had been available for a while and was previously in test mode. He also pledged to expand its vetting team from 6,000 to 10,000 and to ban creators whose content was “against community values”. Bytedance said in a statement to TechNode that Douyin Pay was rolled out by the company to supplement the existing major payment options. It fell afoul of China’s internet censors in April, resulting in its new aggregation unit shutting down for 24 hours and founder Zhang Yiming having to issue a ‘self-reflective’ public apology. However, its rise to fame was not without missteps. Beijing-based ByteDance, the owner of short video-sharing apps TikTok and Douyin, has launched its own mobile payment service, Douyin Pay, which will be promoted at this year’s Spring. Along the way it acquired several international services including Musical.ly and News Republic, with an ambitious plan to expand beyond China. Chinese users have been able to make payments directly from Douyin for more than four years, thanks to third-party. WeChat Channels and TikTok (or Douyin) for their similarity in features. With features like red packets, WeChat Pay has eaten away at Alipay's market share.ĭuring the Spring Festival, users of Toutiao, Douyin and other ByteDance apps can take part in promotions in which they receive money from the company and then transfer it to their linked bank accounts during red-packet giveaways, Douyin officials said.ByteDance, the new media firm behind TikTok, a short-form video-sharing app, hit the headlines in 2018 when its valuation jumped to US$ 75 billion, surpassing Uber’s US$ 72 billion to become the world’s most valuable start-up. Douyin is a localized Chinese version of the popular video platform TikTok. WeChat and Weixin are a Chinese instant messaging, social media, and mobile payment app. Several years ago, Tencent promoted WeChat Pay during Spring Festival. "The release of Douyin Pay (Douyin Zhifu) will supplement existing major payment options and enhance user experiences on Douyin,” company officials said in a statement.Ĭurrently, Internet giants Alibaba and Tencent dominate the market with AliPay and WeChat Pay, facilitating more than 80 percent of domestic online transactions.īyteDance is another industry giant for short videos, social media and artificial intelligence algorithms, which may change the payment industry landscape in China, analysts said.ĭouyin will partner with China Central Television during Spring Festival broadcasts. During the festival, Chinese people often give red packets as gifts, representing good luck for the new year. Douyin debuted its payment service Douyin Pay on Tuesday, which could shake the dominatance of Alibaba and Tencent in the market segment.ĭouyin, which has more than 600 million daily active users, plans to promote Douyin Pay during the Spring Festival next month. The ByteDance logo (REUTERS) Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's Alipay and Tencent Holdings' WeChat Pay ByteDance founder. ![]()
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