Douyin, the Chinese counterpart to social media giant TikTok, has confirmed that it is now capable of providing payments functions following the acquisition of a license by ByteDance CEO Zhang Yiming last year.
A Douyin executive said to domestic media that Douyin Pay (抖音支付) is currently serving as a supplement to several other main payments methods, and will help to better serve Douyin’s customer base.
In September 2020 Zhang Yiming, CEO of Douyin’s owner ByteDance, obtained a Chinese payments via the acquisition of Hunan-province fintech company Wuhan Hezhong Yibao Tech Co., Ltd. (武汉合众易宝科技有限公司).
In a recent interview with China Banking News Matthew Brennan, author of Attention Factory: The Story of TikTok and China’s ByteDance, said that ByteDance can be expected to use TikTok and ByteDance as the springboards for expansion into a broader range of products and services.
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