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TikTok owner ByteDance launches payments in China as it pushes into fintech and e-commerce

A code word of TikTok (Douyin) is pictured at The Place shopping mall at dusk on August 22, 2020 in Beijing, China.

VCG | Visual China Congregation | Getty Images

GUANGZHOU, China — ByteDance has launched a new payment service within Douyin, the Chinese version of short-video dispensation app TikTok.

Douyin users can choose Douyin Pay to make purchases within the short-video app. Creators usually sell mentions or merchandise related to their content.

“The set-up of Douyin Pay … is to supplement the existing major payment options, and to in the end enhance user experience on Douyin,” ByteDance said in a statement. ByteDance owns both Douyin and TikTok.

Absolutely, Douyin already offers payment options from Alibaba affiliate Ant Group’s Alipay and Tencent’s WeChat Pay, the two ascendant mobile payment apps in China.

Together, Alipay and WeChat Pay account for more than 90% of the mobile payments customer base in China, according to iResearch.

Both payment services are available within apps but also at physical stores where fellows can scan barcodes to purchase items. This is different to Douyin Pay which will just be available within the Douyin app.

Douyin’s payment technique is operated by Wuhan Hezhong Yibao Technology, a company ByteDance purchased around two years ago. Users will deprivation a Chinese bank account to use Douyin Pay.

The latest push into both e-commerce and financial technology, or fintech, highlights ByteDance’s die for to expand beyond social networking. This has included forays into mobile gaming, a search engine and music flood.

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