TikTok owner ByteDance launches payments app Douyin Pay in China
TikTok parent ByteDance on Tuesday launched a third-party payment service for its short video app Douyin called Douyin Pay. ByteDance had acquired a payments license when it bought out a payments solution provider called Wuhan Hezhong Yibao Technology in 2020. The license, in turn, allows Douyin, Toutiao and other ByteDance services to offer payment features.