TikTok is working on its new E-payment service. The company has applied for a license for the trademark recently and is waiting for its approval. The E-payment service will help TikTok to attain more revenue.
ByteDance owned Chinese company, TikTok is famous for its entertaining videos worldwide. The company is now working on its E-payment service after getting the license. It is in the news that the company has applied for the trademark license which confirms the launch of the service in near future. The trademark comprises 36 various categories for financial property management.
After getting the license for the payment service three months ago, the company has claimed that the acquisition will help the company to improve user experience by providing them payment options alongside other services.
ByteDance company obtained a domestic online payment license in June by getting the parent company of third-party payment service UIPay, Wuhan Hezhong Yibao Technology Co, via an entity called Tianjin Tongrong E-commerce Co. Since the central bank stopped issuing new ones indefinitely in 2016, attaining the service license is seen as a rare thing to get in China.
According to analysts, launching an E-payment service will help TikTok to get a boost in e-commerce and render the company more revenue. The company has been working on extending the network to facilitate payment method. It is expected to see the launch of service soon in China followed by a global launch.