Under the terms shown to users when applying for the service, Douyin said it currently does not take commissions from actions like topping up online wallets, withdrawing cash or cash transfers, but does not rule out that this may be adjusted in future.
The company’s digital payment function can be activated after users complete real-name registrations with personal identity numbers - a unique 18-digit number assigned to Chinese citizens at birth - and bank account details. A modest estimate for 2021 would be 300 billion yuan, a senior manager in the company has previously told Caixin.
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The deal opened the door for ByteDance, which recorded some 600 million daily active users last year, and its subsidiaries to free themselves from financial intermediaries and now instead can pocket money directly from consumers.ĭouyin’s online sales through e-commerce livestreaming is expected to continue gaining momentum, according to its in-house online retailer ranking, which projects the value of goods sold on the platform to have hit nearly 150 billion yuan last year. Ltd., which has a coveted online payment license, in August last year. It has been just six months since company founder Zhang Yiming acquired Wuhan Hezhong Epro Technology Co. Douyin held a 13% share by transactions of these scheduled selling sessions, according to Everbright Securities. Gross merchandise volume sold via livestreaming events more than tripled to over 400 billion yuan ($61.2 billion) in 2019 compared with the previous year, according to a report by consulting firm Bain and Co.
The launch comes as ByteDance accelerates its move into the nation’s e-commerce sector after it removed links to third-party shopping platforms like Taobao, JD.com and Pinduoduo from its app in October. These sales events exploded into prominence in China last year, as consumers left homebound turned to online shopping and entertainment. has launched its own digital payment platform, setting the stage for the short video powerhouse to square off against China’s tech titans like Alibaba and Tencent in the massive e-commerce market.ĭouyin, the sister app of TikTok for internet users in China, debuted its eponymous e-wallet Douyin Pay on Tuesday, putting itself in direct competition with Alipay and WeChat Pay by allowing users to purchase items from third-party vendors, buy virtual gifts for performers and pay to watch their shows, as well as buy goods during livestreamed e-commerce sessions. Livestream Shopping is a nearly $ 70 billion industry in China, attracting influencers looking for markets and shopping malls for items to buy for live audiences via social media.TikTok-owner ByteDance Ltd. Users of the app can link bank accounts to the service, which can then be used to pay for products promoted by video influencers, as well as to tip content producers.īyteDance said it will gradually introduce the feature to users.ĭouyin, which listed more than 600 million daily active users last year, has grown rapidly from its short video roots to live streaming and e-commerce. The move makes the technology giant enter China’s lucrative market for electronic payment services, used by hundreds of millions of consumers for everything from street food to fast shopping and online shopping. Beijing: TikTok owner ByteDance has launched an electronic payment service connected to Douyin, the Chinese version of the popular short video app, the technology giant said on Tuesday.ĭouyin Pay, which functions similarly to the ruling Chinese electronic wallets WeChat Pay and Alipay, is aimed at “complementing existing payment options and ultimately improving user experience”, ByteDance told AFP.
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