and other international markets-Douyin users are able to shop for products through the app by clicking on the short-video clips, which directs them to an online marketplace. Unlike on TikTok-the Douyin clone Bytedance built for the U.S.
#Douyin tiktok douyin pay wechat pay license#
When Bytedance bought Wuhan Yibao last September, it acquired the license too.
The video-sharing app expanded into e-commerce in 2017 and, last year, acquired a small payments technology company called Wuhan Hezhong Yibao Technology in order to expand into mobile payments.Ĭompanies in China need a license to run mobile payments services and Beijing, wary of risk in a new fast growing financial segment, stopped issuing them in 2016, after it had already granted one to Wuhan Yibao.
“The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin said in a statement. 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 Tencent as Douyin’s parent company, Bytedance, pushes further into e-commerce.
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