Recently, TikTok has applied for a new “TikTok Payment” trademark. The international classification includes 36 “Financial Property Management” categories that are currently pending final approval.
At the time, the company claimed that the acquisition would help to enhance the experience of its customers through other payment methods, while still supporting users of other ByteDance products and services.
TikTok received a payment license in September 2020, according to sources, when it purchased UIPay to improve its own e-payment capabilities in China.
These were possibly intended for the production and launch of its own payment system, which is likely to be seen first in China, its home country.
In addition, the successful video-sharing application was also able to acquire three financial licenses for third party payments and insurance through acquisitions and other mea-shares back in June 2020.