The short video surveillance platform TikTok seems to offer its users electronic payment service in the near future. The company has formally applied for electronic payment service in China.
Electronic payments have grown tremendously, especially in the last few years. Many applications and platforms have started to integrate this system and offer different services. It seems that TikTok will also take its place among the platforms that will offer in-app payments to its users.
According to the news in the Digital Information World, TikTok’s parent company ByteDance has applied for a new electronic payment under the name of TikTok in China. According to the sources, this trademark has an international classification and covers 36 Financial Intellectual Property Management categories.
TikTok also switches to in-app payment system
ByteDance acquired Chinese third-party payment service UIPay in September 2020. With this move, TikTok paved the way for using the in-app payment service within its own structure. Thanks to this acquisition, the company was able to obtain a payment license in China.
In fact, ByteDance’s only investment in in-app payment is not buying UIPay. The company received three more payment licenses in June 2020. All of this means that ByteDance will offer TikTok the electronic payment option along with the various services it contains.
TikTok has become one of the platforms that has made a big splash in recent years. The application, which was blocked in India due to the tension with China, was put on the target board by the US administration. The Trump administration even said that TikTok threatens national security.
However, TikTok continued to grow despite all this. Achieving to be one of the most downloaded applications in the world, TikTok will continue to grow rapidly with the introduction of electronic payment feature.