TikTok owner ByteDance buys UIPay to leverage e-payment capabilities at home

  • Established in 2012, UIPay obtained a third-party payment licence from China’s central bank in 2014

Women wearing masks to prevent the spread of the coronavirus chat as they pass by the ByteDance headquarters in Beijing, China on Friday, Aug. 7, 2020. Photo: AP

ByteDance, the owner of popular short-video app TikTok, said it has acquired a Chinese third-party payment service UIPay in a bid to leverage its domestic payment capability.

ByteDance bought UIPay’s operator, Wuhan Hezhong Yibao Technology Co, via an entity called Tianjin Tongrong E-commerce Co, data from the national business registration portal showed. The ownership change was made on August 28.

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