According to the latest news, ByteDance, the owning company of TikTok, has recently applied for a new trademark for “TikTok Payment.” As per reports, the international classification covers as many as 36 categories of “Financial Property Management”. Currently, the trademark is being reviewed and waiting for approval.

Note that just back in September this year, the company indirectly won a payment license when it bought UIPay to boost its own e-payment capabilities in China. During that time, the company stated that the acquisition will help in improving its user experience through other payment options.

The company also acknowledged that this acquisition will also serve users of ByteDance’s other products and services.

ByteDance applies for TikTok Payment trademark
ByteDance applies for TikTok Payment trademark

Back in June this year, the company also managed to obtain as many as three financial licenses for third party payments and insurance through acquisitions and other means. It seems, the company did it with the purpose of developing and launching its own payment system.

ByteDanc has also been hiring globally since the beginning of the year in order to expand its team. The team would be in charge of building the network and a platform that can provide cross border payments solutions. As per Reuters, the company has also applied for digital banking licenses in countries like Singapore.

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