TikTok has recently applied for a new trademark “TikTok Payment.” The international classification covers 36 categories of “Financial Property Management,” which is currently waiting for final approval.
As per reports, TikTok had won a payment license in September 2020, when it bought UIPay to boost its own e-payment capabilities in China.
At the time, the company stated that the acquisition will help in improving its users’ experience through other payment options, whilst also serving users of ByteDance’s other products and services as well.
Additionally, back in June 2020, the popular video-sharing application also managed to obtain three financial licenses for third party payments and insurance through acquisitions and other means.
These were likely intended for the purpose of developing and launching its own payment system, which would likely be seen first in its home country, China.