ByteDance, which owns TikTok, has launched a payments service for its Chinese business.
In Brief:
-
The Chinese video platform is called Douyin.
-
It has around 600mn daily active ysers.
-
Douyin Pay has been introduced as an option on the platform.
What does this mean?
The platform already offered the chance to buy via the site using existing solutions Alipay and WeChat Pay. Now, ByteDance has used its third-party payment licence to introduce its own option too. The platform is usually used to buy promoted merchandise, or even gifts for people’s favourite video stars.
