ByteDance applied trademark "TikTok Payment" for their possible e-payment service

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Cover image credit: Ecommerce Next

E-payment services have become more and more popular nowadays. Besides letting users make payments, some services have also been offering various features like transfer and cashback. Now, it looks like the parent company of TikTok is interested in starting their own e-payment service as well. It is spotted that ByteDance has applied for a new trademark under the name "Tik Tok Payment".

According to the source, the trademark applied has an international classification covering 36 categories of “Financial Property Management,” and it's currently waiting for approval. It is worth mentioning that this is not the first time the company involved in such news. Earlier in September, they have indirectly won a payment license after buying UIPay to boost their e-payment capabilities in China.

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Back in June, ByteDance has also managed to obtain three financial licenses for third party payments and insurance through acquisitions and other means. Therefore, it looks like the Chinese company has been planning this for quite a while. It is said that they have also started to hire globally at the beginning of 2020 to expand a team that would be in charge of building a platform that can provide cross border payments solutions.

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