Tuesday, 16 July 2024
Bilibili acquires online payment licence for $18.5 million
23 November 2021 – Bilibili, a popular online video sharing and entertainment platform with more than 200 million users, has obtained a payment licence after acquiring a 65.5% stake in online payment company Zhejiang Yongyi Payment for RMB 118 million ($18.5 million). Zhejiang Yongyi is one of more than 200 Chinese companies that hold third-party online payment licences issued by China’s central bank. As livestreaming e-commerce has been gaining traction in China since the outbreak of COVID-19, short video platforms have accelerated efforts to acquire online payment licences and roll out self-owned e-payment services, as part of a broader drive to build closed-loop e-commerce businesses. Internet companies have invested heavily in online payment business to cut dependence on third-party payment operators and reduce operating costs.
News source: Caixin and China Daily
