ByteDance owned social media giant TikTok has applied for a new trademark called “TikTok Payment” indicating that the company is working on an e payment service. The international classification of this trademark includes 36 different categories of financial property management and is currently waiting for approval.
The news comes three months after TikTok won a payment license while acquiring UIPay to boost its own e-payment capabilities in China. At that time, the company said that this acquisition would allow it to improve user experience through payment options while also serving ByteDance’s other products and services.
Furthermore, back in June this year, TikTok obtained three different financial licenses to support third party payments and insurance through acquisitions and other means. The company also applied for digital banking licenses in countries like Singapore and a few others.
Since the start of the year, ByteDance has also been expanding its team globally for the purpose of building a network and a platform to facilitate cross border payment solutions.
All of this hints towards the fact that TikTok is developing its own e payment system, which will most likely launch in China first.