FINANCIAL TECHNOLOGY | Staff Reporter, China

ByteDance floats Douyin Pay in China

This is to supplement existing payment options and boost user experience on its Douyin app.

TikTok parent ByteDance has launched its own third-party payment service Douyin Pay as it presses to expand into the e-commerce business in China, reports Reuters.

“The setup of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” the firm said.

Users of Douyin, the Chinese version of TikTok, previously could use Ant’s Alipay and Tencent’s WeChat Pay to buy virtual gifts for livestreamers or items from shops on the platform.

ByteDance founder and CEO Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year.

Hezhong Yibao obtained a third-party payment license from the central bank in 2014.

Here’s more from Reuters.

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.