Apr 08, 2024 07:21 PM
FINANCE
ByteDance to Boost Douyin’s E-Commerce Business With Offline Payment License
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The new license will allow Douyin to compete with heavyweights like Alipay and Meituan. Photo: VCG
ByteDance Ltd. founder and actual controller Zhang Yiming is preparing to buy a license that will allow Douyin to process bank card payments, as the internet giant gears up to compete in China’s massive e-commerce and payment services markets.
Shenzhen-listed HyUnion Holding Co. Ltd. (002537.SZ) announced last week that it had agreed to sell its wholly controlled payment company that owns the bank card acquiring license, Union Mobile Pay E-Commerce Co. Ltd., to Tianjin Tongrong E-commerce Co. Ltd.
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