TikTok’s Chinese Counterpart Confirms Addition of Online Payments Function


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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