The Owner of TikTok Launches Its Electronic Payment Service

ByteDance introduced Douyin Pay as a third-party payment service for the Chinese version of TikTok.
The Owner of TikTok Launches Its Electronic Payment Service
Image credit:

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
Entrepreneur Staff
1 min read
This article was translated from our Spanish edition using AI technologies. Errors may exist due to this process.

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.


More from Entrepreneur

Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Entrepreneur Insider members enjoy exclusive access to business resources for just $5/mo:
  • Premium articles, videos, and webinars
  • An ad-free experience
  • A weekly newsletter
  • Bonus: A FREE 1-year Entrepreneur magazine subscription delivered directly to you
Make sure you’re covered for physical injuries or property damage that occur at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur