![]() “The growth rate in terms of followers is definitely much better on TikTok for me compared with Instagram,” says Yang, who started using the app last November and now has more than 8,000 followers on the platform. Twenty four-year-old TikTok video creator Eric Yang, who is based in Bangkok and does online marketing, says he started using the app after seeing the success of it among Gen Z-people who were born between 1995 to 2009. Brown estimates she spends around half an hour a day sharing funny videos with friends and family. All the kids were talking about it,” says Lucy Brown, a British student in her early 20s based in Chester in northwest England. “I heard about TikTok through working at a summer camp in the US. Its biggest overseas market is India, where it says it has 120 million monthly active users, followed by the US, where it has about 26 million active users.Īnd the popularity of the app in the US is spilling over to other markets. Sucked in by funny, bizarre, or sometimes downright dangerous content, TikTok amassed 717 million monthly active users globally as of December, including users of the Chinese version of the app, according to mobile analytics provider App Annie, an increase of 70% from a year earlier. It is, in many ways, China’s first global app. And of course, there’s the dancing-so much dancing, especially among TikTok’s Indian users, who spend the most number of hours on the app among users outside China. ![]() Here, TikTok’s powerful algorithms surface videos from millions of users, personalized for you.ĭepending on your likes, you might see a kid spraying shaving cream into a Croc and then stepping into the shoe, hashtag challenges that involve people imitating ants or putting soy sauce on unmentionable body parts, cats made to perform an almost psychedelic sequence of moves synchronized to the tune of “Mr. The reason TikTok has become a global phenomenon is the eternal loop of videos from people you don’t know under the “For You” tab. Like legacy social media, TikTok allows you to connect with people you already know-but that’s an almost irrelevant part of the app. ![]() WeChat paid 53 million yuan ($8.2 million) to be the exclusive interactive platform for the event in 2015 while Alipay paid 268.8 million in 2016, according to Yicai Global.A platform for short selfie videos, TikTok is supremely skillful at dragging its largely young users down a rabbit hole of quirky, endless videos. Obtaining third-party payment business licenses through acquisition has become common practice among Chinese internet giants since the central bank stopped issuing new ones indefinitely in 2016.Īccording to Chinese business news outlet LatePost, Douyin won the rights to be the exclusive “red packet” partner of China Central Television’s (CCTV) Spring Festival Gala this year, a massive advertising opportunity highly contested among tech companies due to the wide viewership of the program. Tencent -backed on-demand services company Meituan and Didi have both rolled out microloan services. Online deals giant Pinduoduo unveiled its Duoduo Wallet payment app in December while ride-hailing firm Didi launched Didi Pay in July, an e-payment platform that can be used for the company’s services including ride and taxi hailing, bike sharing, and public transportation. It has also been hiring globally, and notably in Singapore, for a team to build cross-border payments solutions. (Source: Min.news)īeijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay. Users are now able to select the Douyin Pay option on the short-video app. It also continues to offer payment options from Ant Group’s Alipay and Tencent ’s WeChat Pay.īyteDance, together with Bilibili, Meituan, Pinduoduo and Didi, are the latest companies to vie for a share of China’s payments sector which is currently dominated by Alipay and WeChat Pay, amid the Chinese government’s crackdown on monopoly practices in the country’s internet sector.Īlipay and WeChat Pay account for more than 90% of the mobile payments market in China, according to iResearch. The new payment service allows users to link their accounts to a number of lenders including Bank of China, China Construction Bank and Agricultural Bank of China to make purchases within the app, which has 600 million daily active users. ![]() SEE ALSO: ByteDance’s Douyin Releases 2020 White Paper on Travel Vloggers The establishment of Douyin Pay “is to supplement the existing major payment options, and to ultimately enhance the user experience on Douyin,” the company told Pandaily on Wednesday. Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market.
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