Market holidays and trading hours provided by Copp Clark Limited. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC and/or its affiliates. Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Chicago Mercantile: Certain market data is the property of Chicago Mercantile Exchange Inc. US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account Launched in 2016, Douyin was the major money spinner for ByteDance years before TikTok, raking in revenue through in-app tipping and livestreaming.īyteDance was founded by Zhang Yiming, a former Microsoft employee, and first became known for its news app Jinri Toutiao or “Today’s Headlines,” which debuted in 2012 soon after the company was founded. Douyin’s international name is TikTok, an app that looks the same as. The app allows users to create, edit, and share short videos as well as livestreams, often featuring music in the background. Like TikTok, it’s a short-form video app. D ouyin, (, literally shaking sound in Chinese) is a short video media app owned by China’s young tech giant Bytedance (). Here’s what you need to know about Douyin and ByteDance:ĭouyin has a whopping 600 million users a day. ByteDance, owner of the hit short video app TikTok, has quietly launched a new search engine that promises no advertisements in a cyberspace where Google has not been available for more than a decade. Its powerful algorithm became the foundation for TikTok and is key to its global success.īut the two platforms, similar on the surface, play by starkly different rules. Instead, there’s a different version of TikTok - a sister app called Douyin.īoth are owned by Beijing-based parent company ByteDance, but Douyin launched before TikTok and became a viral sensation in China. Matthew covers WeChats impact on Chinese society, WeChat Pay as. Douyin had also recently launched Dou Fenqi (literally translated as Dou Installments), a feature that allows users to pay their bills in monthly installments, Chinese media reported.TikTok is fighting to stay alive in the United States as pressure builds in Washington to ban the app if its Chinese owners don’t sell the company.īut the wildly popular platform, developed with homegrown Chinese technology, isn’t accessible in China. WeChat, Chinas famous super app and ByteDance, the parent company of TikTok. The company in October 2019 launched a lending app, providing users with consumer credit, installment payments, and credit card services.The business model, known as livestreaming e-commerce, has seen massive growth in China since 2019. Bytedance is building an e-commerce platform on Douyin around its active livestreaming community.Payments are processed by Ulpay, the Hubei-based firm it acquired in 2018.Ĭontext: An in-house payment tool is essential to many of Bytedance’s offerings, including e-commerce and lending services.Douyin Pay allows users to link cards from 10 banks including Bank of China and China Merchants Bank. The app previously supported WeChat Pay and Alipay. Bytedance said in a statement to TechNode that Douyin Pay was rolled out by the company to “supplement the existing major payment options.” A Bytedance spokesperson said the feature had been available for a while and was previously in test mode.The payment method allows users to buy virtual gifts for livestreamers and pay for goods on the app’s e-commerce platform. Together they hold nearly 95% of China’s online payment market, according to iResearch (in Chinese), a market research firm.ĭetails: Douyin recently added Douyin Pay onto its checkout page, Chinese media reported Tuesday. E-commerce behemoth Alibaba’s Alipay and internet firm Tencent’s WeChat Pay, a feature inside the instant messaging app WeChat, are the two dominant players in the market.app stores as of midnight Sunday, escalating the U.S. The company in September inherited (in Chinese) a payment license from a small payment firm based in the central province of Hubei it acquired two years ago. The Trump administration said Friday that it would bar two popular Chinese-owned mobile apps WeChat and TikTok from U.S.
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