ByteDance, the company that owns the popular short video platform TikTok, has applied to register the TikTok Payments trademark. This is probably due to the intention to launch its own electronic payment service.
Notably, the application to register the TikTok Payments trademark was filed after the company received a license to accept electronic payments after purchasing the UIPay platform in September. At the time, ByteDance said the acquisition would help it improve the user experience by adding new payment methods in branded apps. In addition, back in June, the company received three financial licenses for electronic payments and insurance. Most likely, this was done with the aim of developing and launching its own payment system, which will probably be launched in China first.
Since the beginning of the year, ByteDance has been recruiting employees around the world to expand its platform development team. The company has also applied for an internet banking license in Singapore, according to a Reuters report.
Source: Gizmochina
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