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January 9, 2023   Enterprise, FinTech and Alternative Finance, Fintech International, Fintech Services, Innovation and Resources, Leadership, Competition, Human Capital, Health, Payments, Transfers, Rewards, Venture Funding and Building   No comments

TikTok’s Real-time Payment Infrastructure Enabled by J.P. Morgan

Charged | George Iddenden | Jan 6, 2023

Unsplash Olivier Bergeron Tik Tok - TikTok's Real-time Payment Infrastructure Enabled by J.P. Morgan

Image: Unsplash/Olivier Bergeron

TikTok parent ByteDance has been enlisting the help of J.P. Morgan for payments technology for its push to expand into more than two dozen markets and rich millions more users.  The tie up marks just one piece of ByteDance’s broader push into the fintech sector.

  • Revenue growth: Last year, users around the globe spent $3.4 billion on TikTok, up from $2 billion in 2021. Spending in the US more than tripled to $670 million from the year before, according to data from analytics firm Sensor Tower.
  • JP. Morgan Payment tech: J.P. Morgan’s role in the push is to help ByteDance streamline these transactions by perfecting the way payments are sent and received.  It claims the US-bank has built “a real-time payments infrastructure” for ByteDance that now allows its users “to be paid instantaneously and directly into their bank accounts at any day or time,” an improvement on its previous outdated e-wallets system.
    • Enabled in the US and Europe, now “covers approximately one-fifth of TikTok’s 1 billion active users worldwide.”
    • It also “allows real-time exchange of data between ByteDance and J.P. Morgan” so that ByteDance can “see and monitor payments,” the memo says.

See:  Mark Zuckerberg: TikTok ‘Very Effective Competitor’. ‘Sort of Missed’ a Giant Shift in Social Networking

  • Accounts: The Chinese tech firm also wants one centralised bank account for more than a dozen of its products, including TikTok and its Chinese-based sister app Douyin.
  • HR: A number of J.P. Morgan executives have been poached by ByteDance for its global payments team

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NCFA Jan 2018 resize - TikTok's Real-time Payment Infrastructure Enabled by J.P. MorganThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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