Unlike AliPay and WeChat Pay, which can be used within apps but also at physical stores, Douyin Pay will only be available in-app.ĭouyin Pay marks a further drive by ByteDance into areas beyond social in China, such as fintech and e-commerce. Between them, AliPay and WeChat Pay handle over 90% of China’s online payments, according to market research firm iResearch. Douyin Pay can be used to make purchases within the short-video app, which already offers payment through the e-wallet market leaders, Alibaba’s AliPay, and TenCent’s WeChat Pay. The payment service is being offered to the 600 million monthly users of Douyin, the Chinese version of TikTok. BEIJING: Beijing-based ByteDance launched on Tuesday 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 business in China. “Our data-powered technology platform makes it incredibly easy for our customers to create more special moments for the people they care about,” Moonpig Group CEO Nickyl Raithatha said in a statement.TikTok owner ByteDance has launched a new payment tool as it expands its e-commerce business and takes on the two market leaders in China’s mobile payment sector. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups Alipay and Tencent Holdings (OTC: TCEHY) WeChat Pay, the countrys two ubiquitous third-party. The digital greeting card and gifts company, which was started in 2000, has approximately 450 staffers and will likely release its complete IPO prospectus next week. On Douyin in China, organizations can pay to run promotions. on Toutiao, clients will see advertisements on their news channel. Let us help you with: E-Commerce, Search Engine Optimization, Advertising, Weibo, WeChat, WeChat Store. Moonpig is planning a $1.6 billion initial public offering (IPO). Douyin ( duyn) - is a short video sharing service owned by ByteDance, an originator of the acclaimed TikTok, so popular among the advanced Western. Bytedance’s Douyin arrives at 600 million daily users in January 2020 and has. MGM offered 0.6 of its shares for every Entain share, according to a published report.ĭigital Greeting Card Startup Moonpig Plans $1.6 Billion London IPO Once Entain turned down the firm’s all-stock proposal, MGM said it won’t make another bid. Users of Douyin, which accumulated 600 million daily active users, previously could use Ant Groups Alipay and Tencent Holdings WeChat Pay. MGM Resorts International said it’s pulling the plug on its effort to buy the Entain gaming platform, which is a BetMGM partner. MGM Backs Off Acquisition Of British Gaming Platform Entain 
Dunzo is aiming to further the retail environment in India by offering online tools and offerings for eCommerce sales to micro, small and medium-sized businesses (SMBs). China's third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 percent of the total market in the second quarter of last year, according to market. Beijing-based ByteDance launched on Tuesday 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.
#BYTEDANCE DOUYIN PAY CHINA WECHAT PAY SERIES#
Indian Delivery Platform Dunzo Raises $40 Million In Round Led by Google, Lightboxĭunzo, the India-based delivery upstart, is closing a $40 million Series E funding round headed up by Lightbox, Google, Hana Financial Investment, Evolvence, Alteria, LGT Lightstone Aspada and others. Now, Douyin users can harness the new Douyin Pay system instead. ByteDance’s Douyin, TikTok’s Chinese version, is the latest entrant to China’s already established.
The firm is aiming to grow its online commerce business and take on the country’s large payment platforms – WeChat Pay from Tencent Holdings and Alipay from Ant Group. TikTok’s Chinese version Douyin launches e-wallet to compete with Alipay, WeChat Pay. Plus, MGM Resorts International announced that it is ending its bid to purchase the Entain gaming platform.īyteDance Sets Up Mobile Payments For Short-Video App DouyinīyteDance has rolled out a mobile payment offering for the Chinese version of TikTok, which is called Douyin. In today’s top payments news around the world, ByteDance has launched a mobile payment offering for Douyin, while Dunzo is closing a $40 million Series E funding round.
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