Douyin tiktok douyin pay wechat pay1/31/2024 ![]() 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.
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