Douyin bytedance pay china wechat pay11/14/2023 ![]() ![]() Other players include JD.com's JD Pay, Baidu Wallet and Meituan Pay. 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.Ĭhina'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. Tencent’s practice, it said, ran afoul of the Anti-Monopoly Law’s provision of forbidding. 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.ĭouyin is the main revenue generator for ByteDance. 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. 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. It also said TikTok’s chief executive, Shou Zi Chew, would step down as chief financial officer at ByteDance in order to focus on running the video platform full-time.īyteDance has been approached for comment.Local Chinese media reported on Tuesday that Douyin Pay had been launched.īyteDance founder and Chief Executive Zhang Yiming built up the company's payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. The ByteDance board move comes after the company on Tuesday announced a major organisational reshuffle to create six business units. The law limits the conditions under which companies can gather personal information and sets rules for how it is used. ![]() The timing of the withdrawal coincided with China’s new data protection law coming into effect on Monday. The move came shortly after Ma delivered a speech criticising Chinese financial regulators.įoreign tech firms are also retreating from China, with Yahoo announcing this week that it was was quitting the country because of the “increasingly challenging business and legal environment in China”. Ma has limited his public appearances since the planned float of his online finance platform, Ant Group, was blocked by President Xi Jinping last year. Jack Ma, Alibaba’s co-founder, has been a high-profile victim of the crackdown, only recently venturing outside China to go on holiday in Spain. Tencent, a social media, gaming and finance group, and Alibaba, an online shopping giant, have both pledged multibillion pound sums to help achieve the “common prosperity” of the nation. The founder of the e-commerce company Pinduoduo, Huang Zheng, stepped down as chair this year, having earlier relinquished his chief executive title.Īccording to analysts, the Chinese government has become increasingly concerned about the power and influence that has been amassed by wealthy tech entrepreneurs, with many of them multibillionaires. Turf Wars Bytedance unveils Douyin mobile payment tool to rival Alipay, WeChat by Wei Sheng (Image credit: Douyin) TikTok’s Chinese owner has rolled out an e-wallet feature on its Douyin video-sharing app, a move that could pose a significant threat to the Alipay and WeChat duopoly in China’s mobile payment sector. Last week, the short-video apps owner Kuaishou said its co-founder, Su Hua, had stepped down as chief executive. It also owns Douyin, a video platform for its domestic market, and other interests that span education, gaming and business software.Ī number of founders at some of China’s most well-known tech companies have in recent months given up overseeing daily operations amid a government clampdown on the tech sector. At the time, Zhang said he was leaving the role because he lacked managerial skills and preferred “reading and daydreaming” to running the tech group.īyteDance is one of Chinese tech’s biggest global success stories thanks to TikTok, the short-video platform that has amassed more than 1 billion users worldwide and has become a competitive threat to rival US tech firms such as Facebook, Snapchat and Google-owned YouTube.īyteDance was valued at $140bn (£102bn) in a fundraising round last year. In May, the company had said he would move to a “key strategy” position at the end of the year. It was also unclear whether there had been any changes to Zhang’s control of ByteDance, where he owns 50% of the voting rights. Reuters reported that ByteDance’s new chief executive, co-founder Liang Rubo, has taken over as chair of the company’s five-person board.
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