TikTok owner gets into ecommerce

June 22, 2020 | Payments

Written by FinTech Alliance

TikTok owner gets into ecommerce

ByteDance, owner of social media platform TikTok, has set up an ecommerce business unit.

In Brief:

  • The unit will be led by Kang Zeyu, former head of the company’s overseas projects.

  • The company has already set a gross merchandise volume target of $28.3bn for 2020.

  • ByteDance hopes to capitalise on China’s growing “livestreaming ecommerce” sector.

What does this mean?

Livestreaming ecommerce is a growing trend in China at the moment – it’s being referred to as the new “go to” option for Chinese shoppers. Marrying influencer culture and FinTech, it allows people to watch videos and reviews of products in order to research and then purchase them seamlessly.

Read more here.

 

More in Payments

Big Issue sellers return thanks to contactless
Payments
June 30, 2020

Big Issue sellers return thanks to contactless

Big Issue sellers have returned to work this week and will be using contactless card machines. In...

Mastercard inks deal with buy now, pay later firm
Payments
June 18, 2020

Mastercard inks deal with buy now, pay later firm

Splitit Payments has signed a multi-year agreement with Mastercard. In Brief: Splitit i...

Payhawk introduces Wirecard-enabled Visa card 
Payments
June 15, 2020

Payhawk introduces Wirecard-enabled Visa card 

Wirecard has enabled Payhawk to launch a corporate Visa card using its expense soluti...

Payments
May 20, 2020

Payments trends 2020

In the year ahead, Deloitte predicts that payments companies will be making “big bets” o...

Payments
March 31, 2020

Understanding authentication and open banking as a Soft POS reality approaches

Following Merchant Payments Ecosystem 2020 (MPE2020), I wanted to share some of my thoughts on Secur...

Payments
March 31, 2020

The state of pay 2019-2020

Vocalink began researching consumer attitudes and behaviours to payments and payment technologies in...

Modulr Club: Digital's Summer of Payments

Modulr Club: Digital's Summer of Payments

When: Jul 14th, 2020
Where: Online
Price: FREE
Webinar - Driving Payments Modernization with the Public Cloud

Webinar - Driving Payments Modernization with the Public Cloud

When: Jul 14th, 2020
Where: Webinar, London , UK
Price: FREE
Modulr Club: Digital's Summer of Payments

Modulr Club: Digital's Summer of Payments

When: Jul 28th, 2020
Where: Online
Price: FREE