ByteDance’s social media giant, TikTok, filed a new brand called TikTok Payments, which indicates that the company is working on an electronic payment service. The international classification of this brand comprises 36 different categories for financial real estate management and is currently awaiting approval.
The news comes three months after TikTok obtained a payment license with the acquisition of UIPay to increase its own electronic payment options in China. At the time, the company said the acquisition would allow it to enhance the user experience through payment options while offering ByteDance’s other products and services.
Additionally, in June this year, TikTok received three different financial licenses to support third-party payments and insurance through acquisitions and other means. The company is also applying for digital banking licenses in countries such as Singapore and several other countries.
Since the beginning of the year, ByteDance has expanded its teams around the world to build networks and platforms that enable cross-border payment solutions.
All of this suggests that TikTok is developing its own electronic payment system which is likely to launch in China first.