TikTok owner Byte Dance launches Douyin Pay which
is a mobile payment service for China on Tuesday, it is
a third-party payment service for the Chinese version
of its hit short video app TikTok, "Douyin Pay", because
it must expand into the e-commerce business in China.
Internship (MBA Finance Intern) "The reason behind founding Douyin Pay is to pullout the current major payment options, and to ultimately enhance user experience on Douyin," this has been said by Douyin during a press release and it has almost 600 million daily active users they previously were using Ant Group's Alipay and Tencent Holdings' WeChat Pay, the country's two ubiquitous third-party mobile payment applications, to buy virtual awards for live streamers or items from other platforms.
ByteDance founder and CEO, Zhang Yiming laid foundation for company's payment capability in China by acquiring of Wuhan HezhongYibao Technology Co last year. In the year 2014, HezhongYibao obtained a third-party payment license from the nancial institution so that its expansion comes as China's nancial regulators are tightening oversight over nancial technology rms, particularly companies like Ant Group. In china most of the digital payments are operated by the Alipay and WeChat Pay, which has approximately of 55.39% of the total market in the second quarter of last year, according to market researcher Analysys. Other players such as JD.com's JD Pay, Baidu Wallet and Meituan Pay.
Digital money transactions in India are expected to grow 3 times to Rs 7,092 trillion by 2025 as per the report. According to a report, Digital Payment in India are expected to grow over three-folds to Rs 7,092 trillion by 2025 on account of state policies around nancial inclusion and growing digitization of merchants.According to a RedSeer Consulting Report, they states that the Country's's digital payment market was worth around Rs 2,162 trillion in the year 2019-2020.
“We are expected that 160 million unique mobile payment users will increase to 5 Times of that to nearly 800 million unique mobile payment users in the year 2025. The Bengaluru-based management consultancy said that growth are going to be driven by variety of demand and supply-side drivers,"
" Payments through mobile applications are about 3.5% of total online payments that is about Rs 7,092 trillion by scal year 2025, up from this 1 per cent. The users who are using mobile application for payments are currently stand at about 162 million would reach around 800 million during this era ," the report said.
According to the report, wallets will still play a key role in its growth with the continual increase in both frequency and user base
PayPal offering crypto services will go down together of the digital asset industry's biggest wins thus far, albeit it did take over seven ears to arrive. Here's how it all happened. PayPal could become worldwide ecommerce payments platform and it is founded in 1998 by Peter Thiel, Luke Nosek and Max Levchin. Originally referred to as “Connity Inc.,” the U.S.-based software service merged with dogecoin proponent Elon Musk's online depository nancial institution “X.com” in 2000 and rebranded to “PayPal” a year later.
In 2002, Most of the business was acquired by the online market giant eBay for $1.5 billion and became the default payment method for its 185 million users. Thirteen years later, PayPal was spun faraway from its parent company and went back to being a separate publicly traded company using an equivalent PYPL ticker symbol it had prior to the eBay acquisition. To date, PayPal boasts over 377 million users worldwide and is that the 54th largest company within the world, with a market capitalization of $282.58 billion. During last quarter, 2020, the platform processed about 3.47 billion transactions and combined value of these transaction is $277 billion
PayPal first voiced interest in cryptocurrencies back in 2013 – four years after Satoshi Nakamoto released the Bitcoin white book . At the time, the president of Pay Pal is David Marcus, given answer to Bloomberg in an interview, i.e. he had been “spending most of the of time looking” at bitcoin and the company was mostly thinking about adding this feature to “PayPal's funding instrument.” However, nothing materialized from the discussions. Marcus left PayPal several months later and joined Facebook to steer the Messenger product before getting selected in 2018 to drive the social media platform's libra cryptocurrency project – now known as “diem.” In the FY2014, PayPal released a sixty second promotional video which is entitled with “PayPal Voices” that also included the road , “Our phone is our wallet and we can spend bitcoin with a faucet mainly without a pocket.”
Toward the top of 2014, PayPal made it possible for online vendors to simply accept bitcoin payments via partnerships with Coinbase, BitPay and GoCoin. This was the primary time PayPal had announced business relations with crypto focused companies and marked its rst major step toward embracing the crypto market.The bitcoin price rallied in tandem with the news and printed with a daily gain of 10.61% that is from $404 to $447.
Despite the positive sentiment, Scott Ellison, the senior director of corporate strategy, was quick to manage expectations and reafrmed the corporate was still tentatively assessing the crypto industry.
“We're proceeding gradually, supporting bitcoin in some ways today and holding off on other ways until we see how things develop,” he said.
In 2016, PayPal appointed Xapo CEO and founder Wences Casares to the Board of Directors, where he sat on the company's Compensation Committee. Xapo is a bitcoin wallet and cold storage provider registered in Gibraltar. In 2014, PayPal cofounder Max Levchin participated in Xapo's $20 million Series A-1 funding round alongside Greylock Partners, Index Ventures, former Yahoo CEO Jerry Yang and others. After closing the round, Xapo overtook BitPay as the highest funded crypto startup.
PayPal ofcially steps into crypto
In June 2020, well-placed sources told CoinDesk that PayPal was nally about to allow users to buy and sell select cryptocurrencies directly through the platform, seven years after it was rst mentioned by David Marcus. PayPal declined to conrm or deny the report, but weeks later a letter addressed to the European Commission was published showing PayPal had told the international regulator it was taking “unilateral and tangible steps” in the crypto industry.
Not long after, CoinDesk broke the story that Paxos had been selected to provide the back-end infrastructure for PayPal's imminent crypto service.
On Oct. 21, 2020, PayPal made public its entrance into the crypto market with its new digital asset service.
· The new service is only available to U.S. users, but there are plans to extend the service to U.K.
customers between March and April 2021.
· Only bitcoin, bitcoin cash, ethereum and litecoin are available to be bought and sold on the platform.
· Critically, crypto assets cannot be withdrawn off the platform or sent to other wallet addresses.
· Users have full ownership over the cryptocurrencies stored in their accounts. However, PayPal said it will not provide customers with private keys, the encryption keys required to access a crypto wallet and the funds inside. This mirrors the practices of centralized crypto exchanges whereby the platform holds the private keys, not the customer. Crypto assets stored on the platform cannot be used to pay merchants or buy goods.
The new crypto service has been so successful that PayPal has already increased weekly purchase limits two times from $10,000 to $15,000 and now $20,000 due to surging demand. PayPal also removed the whitelist so that all U.S. customers could access the service. This is a feature that restricts the use of certain services based on location and helps a company to manage the release of new products. In its Q4 2020 investor update, PayPal stated customers who purchased crypto using the service have been logging on twice as many times compared to before. This could be attributed to users logging in frequently to monitor their new crypto investments or simply because of the global pandemic and people being stuck inside their homes with little to do. By December, a Mizuho Securities report found that over 20% of surveyed PayPal users had already traded bitcoin on the platform's app. Most recently, PayPal has conrmed it's buying Curv, an institutional grade digital asset custody solution. The acquisition is expected to be completed during the rst half of 2021. “The acquisition of Curv is part of our effort to invest in the talent and technology to realize our vision for a more inclusive nancial system,” said Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies at PayPal. Over the course of 2021, PayPal will allow cryptocurrencie held on the platform to be used as a funding source to pay over 29 million onboarded merchants worldwide and to purchase goods.
In the month of February SBI (State Bank of India) was the Top Remitter on the UPI platform in India, while Paytm Payments Bank led the chart in the beneciary segment, as per data published by the National Payments Corporation of India (NPCI) and PhonePe has the best App on the UPI Platform in terms of amount involved in the transactions that it facilitated.
According to the Recent report by NPCI (National Payment Corporation of India) SBI recorded 656.92 Million Dollars of Transaction money send through UPI Platform in the month of February. Followed by HDFC Bank with 207.27 million dollars , Axis Bank with 164.27 million dollars and ICICI Bank with 148.98 million dollars Transaction Money through UPI Platform.
There was a 5.5 Percent increase in Transaction through UPI of Paytm Payments Bank in the month of February as said by the company.
PhonePay had a customer Initiated Transaction of 975.53 Million Dollars for UPI Payments. Followed by Google pay (G-Pay) 827.86 with Million Dollars , Paytm Payments Bank with 340.71 million dollars and BHIM 20.44 million dollars Transactions for UPI Payments.