The Owner of TikTok Launches Its Electronic Payment Service
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Chinese company ByteDance launched a third-party payment service for the Chinese version of its short video app TikTok on Tuesday . The mobile payments platform, under the name Douyin Pay , is part of the company's strategy to strengthen its fintech and e-commerce presence in China.
"The launch of Douyin Pay is to complement the main existing payment options and improve the user experience in Douyin," the firm said in a statement .
Douyin Pay currently has 600 million assets per day, according to Reuters reports, being the third most popular mobile payment service in the Asian giant after Ant Group's Alipay and Tencent Holdings' WeChat Pay.
ByteDance, whose founder and CEO is Zhang Yiming, has clashed with Donald Trump in the United States over his alleged ties to the Chinese Communist Party. The company, which at the time faced a possible TikTok ban in the American Union, has been in talks with entities such as Oracle to sell its US assets.