By ET Bureau - September 04, 2020 1 Mins Read
ByteDance, the TikTok owner, has recently announced that it has brought UIPay, a third-party payment service provider based in China. This is in a bid to leverage its domestic payment capabilities.
The data from the national business registration site indicated that ByteDance acquired the operator of UIPay, Wuhan Hezhong Yibao Technology Co – with the help of Tianjin Tongrong E-commerce Co. The ownership was modified on August 28, 2020.
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As mentioned by ByteDance in a statement, “The acquisition is to supplement the existing major payment options, and to ultimately enhance user experience on our multiple platforms in China.”
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