Douyin bytedance pay china wechat pay1/19/2024 ![]() ![]() Tencent’s practice, it said, ran afoul of the Anti-Monopoly Law’s provision of forbidding. This news was originally published at Reuters. Details: ByteDance has filed a lawsuit with the Beijing Intellectual Property Court, accusing Tencent of violating China’s Anti-Monopoly Law by restricting WeChat and QQ users from sharing Douyin’s short-video content, the company said on Tuesday. By comparison, Douyin had 600 million daily active users as of last August. Establishing Douyin Pay is a step further to enhance services, it said. Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. WeChat now has about 1.2 billion active monthly users, and it is hard to find a smartphone in China without it installed. Douyin has long had other in-app payment methods besides the major ones like Alibaba's Alipay and Tencent's WeChat Pay. China’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39% of the total market in the second quarter of last year, according to market researcher Analysys. ![]() It provides a glimpse of what TikTok could eventually become, as Douyin started selling merchandise in 2017 and now operates a growing e-commerce operation where hundreds of millions of users shop on a daily basis.īyteDance’s expansion comes as China’s financial regulators are tightening oversight over financial technology firms, particularly companies such as Ant Group. Douyin is the main revenue generator for ByteDance TokUpgrade is fantastic growth service, you can use. The company, which denies the allegation, has been in talks for months with Walmart Inc and Oracle Corp to shift such assets into a new entity. Hezhong Yibao obtained a third-party payment license from the central bank in 2014.īyteDance has been ordered by the outgoing Trump administration to divest TikTok’s U.S. ByteDance founder and CEO Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. ![]() It provides a glimpse of what TikTok could eventually become, as Douyin started selling merchandise in 2017 and now operates a growing e-commerce operation where hundreds of millions of users shop on a daily basis.Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group’s Alipay and Tencent Holdings’ WeChat Pay, the country’s two ubiquitous third-party mobile payment channels, to buy virtual gifts for livestreamers or items from shops on the platform. The company, which denies the allegation, has been in talks for months with Walmart Inc WMT.N and Oracle Corp ORCL.N to shift such assets into a new entity.ĭouyin is the main revenue generator for ByteDance. If you are not Chinese then you can only buy things in China. Beijing-based ByteDance recently launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce. On December 24, 2020, Beijing-based ByteDance, the owner of TikTok, filed a trademark application for 'Douyin Pay'. Lots of shops accept WeChat pay or Alipay to deal with Chinese tourists. Beijing-based ByteDance recently launched its third-party payment service for the Chinese version of its hit short video app TikTok, 'Douyin Pay', as it presses to expand into the e-commerce. The company asked the court to order that Tencent cease the actions and pay a modest 90 million yuan (14 million) in compensation. Douyin, the China-only sister company of TikTok, has quietly launched a new in-app payment feature called Douyin Pay, nestling the option alongside services offered by rivals Alibaba and. Douyin, the Chinese version of TikTok, today launched Douyin Pay, a payment service that gives users the option to pay with it in addition to Alipay and WeChat Pay within the short video app. Hezhong Yibao obtained a third-party payment license from the central bank in 2014.īyteDance has been ordered by the outgoing Trump administration to divest TikTok's U.S. ByteDance filed suit Tuesday in Beijing alleging that Tencent violated Chinese antitrust laws by blocking access on WeChat and QQ to content from Douyin. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Group's 688688.SS Alipay and Tencent Holdings' 0700.HK WeChat Pay, the country's two ubiquitous third-party mobile payment channels, to buy virtual gifts for livestreamers or items from shops on the platform.īyteDance founder and CEO Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups Alipay and Tencent Holdings WeChat Pay, the countrys two ubiquitous third-party mobile payment channels, to buy virtual gifts for livestreamers or items from shops on the platform. ![]()
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