TikTok is interested in launching payment services in Indonesia. To this end, the Chinese company is also in early stage discussions with the country’s regulatory body to get a payment license. News Reuters.
Last June, TikTok CEO Shao Ji Chiu said in an announcement that the short video platform wants to invest billions of dollars in Indonesia and Southeast Asia.
Reuters, citing two sources, said TikTok, owned by ByteDance, had held talks with Indonesia’s central bank. This application of TikTok is being favorably viewed.
An Indonesian payment license will help local creators and sellers on their platform, a TikTok spokesperson said.
With the payment license, TikTok will be able to earn from transaction fees and buyers and sellers will be able to use TikTok’s payment services for online purchases. Although in this case, TikTok will compete directly with Asian e-commerce giant Shopee and Alibaba’s Lazada.
TikTok has 125 million Indonesian users per month, on par with Europe’s users and slightly behind the US.
