TikTok owner ByteDance launches e-payment service




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TikTok owner ByteDance has begun rolling out an electronic payment service connected to Douyin, version of popular short video app, tech giant said Tuesday.

Douyin , which functions similarly to reigning electronic wallets WeChat and Alipay, aims to “supplement existing payment options, and to ultimately enhance user experience,” ByteDance told AFP.

move sees tech giant wade into China’ lucrative market for electronic payment services, which are used by hundreds of millions of consumers for everything street to fast fashion and purchases.

Users of the app will be able to connect accounts to the service, which can then be used to for products promoted by video influencers as well as to tip content makers.

ByteDance said it would gradually roll out the function to users.

Douyin, which listed over 600 daily active users last year, has quickly grown its short video roots to include livestreaming and e-commerce.

Livestream shopping is a nearly $70 industry in China, attracting influencers scour markets and malls for items to peddle to live audiences via media.

AFP