Other players include JD.com’s JD Pay, Baidu Wallet and Meituan Pay. ![]() Why it matters: Fenfu is Tencent’s foray into microloans, a service which. (Image credit: TechNode/Eugene Tang) Chinese gaming and social giant Tencent has rolled out Fen Fu, an embedded credit feature which allows its 1.1 billion WeChat users to buy now and pay later. It provides a glimpse of what TikTok could eventually become, as Douyin started selling merchandise in 2017 and now operates a growing e-commerce operation where hundreds of millions of users shop on a daily basis.īyteDance’s expansion comes as China’s financial regulators are tightening the oversight rules for financial technology firms, particularly companies such as Ant Group.Ĭhina’s third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39% of the total market in the second quarter of last year, according to market researcher Analysys. A woman uses her smartphone in Shanghai on March 22, 2019. REVENUE GENERATORĭouyin is the main revenue generator for ByteDance. The company, which denies the allegation, has been in talks for months with Walmart Inc and Oracle Corp to shift those assets into a new entity. Hezhong Yibao obtained a third-party payment licence from the central bank in 2014.īyteDance has been ordered by the outgoing Trump administration to divest TikTok’s US assets on national security concerns. Read more: Biden’s cabinet picks declare trade war with China far from overīyteDance founder and Chief Executive Zhang Yiming built up the company’s payment capability in China by acquiring Wuhan Hezhong Yibao Technology Co last year. Users of Douyin, which has amassed 600 million daily active users, previously could use Ant Group’s Alipay and Tencent Holdings’ WeChat Pay, the country’s two ubiquitous third-party mobile payment channels, to buy virtual gifts from livestreamers or items from shops on the platform. ![]() “The set-up of Douyin Pay is to supplement the existing major payment options, and to ultimately enhance user experience on Douyin,” Douyin said on Tuesday. It specifically named Alipay, CamScanner, QQ Wallet, SHAREit, Tencent QQ, VMate, WeChat Pay and WPS Office.Beijing-based ByteDance has launched its own third-party payment service for Douyin, the Chinese version of its hit short video app TikTok, as it presses to expand into the e-commerce business in China. Trump’s order calls for the secretary of commerce to review and assess what further apps should be included in the ban. “We are trying to articulate to the world and take steps to stop the encroachment of China’s big data strategy - photos, text messages, phone calls to parents - from being fed into this mass tool for global oppression,” the official said. China's third-party payment sector is dominated by Alipay and WeChat Pay, with the former taking 55.39 percent of the total market in the second quarter of last year, according to market. The apps targeted by the new ban were chosen because of the extremely high number of downloads, which meant tens of millions of users could be at risk of having their data harnessed, according to the administration official. The move by Trump comes after previous executive orders aimed at banning TikTok, which is owned by China-based ByteDance, were derailed by court rulings indicating Trump overstepped his legal authority. The executive order is to take effect in 45 days, just weeks after Trump is replaced in the White House by President-elect Joe Biden.Ī senior administration official said the order and its implementation has not been discussed with the “potential incoming Biden administration.” ![]() US President Donald Trump on Tuesday ordered a ban on Alipay, WeChat Pay and other apps linked to Chinese companies, saying they could route user information to the government in Beijing. A federal judge has granted a preliminary injunction blocking the ban on U We sent an email to affected users to explain what to do next Basically, you can pay for almost anything in China using WeChat Pay (or WeChat Wallet) 'micro-message') is a Chinese multi-purpose messaging, social media and mobile payment app developed by Tencent WeChat Pay currently has a.
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