Business

TikTok and Brazilian PagSeguro partner up to provide digital accounts to users of the Chinese app

Services include payments, pre-paid cell phone recharges, bank transfers and withdrawals at ATMs

Photo: Shutterstock
Ler em português
  • TikTok users will be able to receive money on a PagBank digital account;
  • PagBank is not the first one to partner with social networks to provide financial services: Facebook has been dealing with Cielo.

Brazilian fintech PagSeguro signed a partnership deal with ByteDance‘s TikTok, to provide financial solutions for the Chinese app. From now on, users of the social network will be able to receive money on a PagBank digital account.

According to the company, the amount can be used in all services offered by the PagBank digital account, such as bill payments, pre-paid cell phone recharges, bank transfers, withdrawals at Banco24horas ATMs, and even choose to leave the money in the PagBank account for yield.

READ ALSO: How TikTok went from a global sensation to Trump’s target

Ricardo Dutra, CEO of PagSeguro PagBank said that “the innovative solution offered to TikTok allows users to receive their TikTok amounts ​​safely and quickly, in addition to being able to use all the other benefits offered by the PagBank account”.

TikTok stated that the company is “excited to partner with PagSeguro, which is another step towards offering our users better services and experience”. It added that “will continue to launch new features that respond to the needs of our users, in addition to providing the tools and resources that allow them to continue creating and enjoying high quality content. ”

READ ALSO: After Microsoft and Twitter, Oracle joins bid for TikTok’s U.S. operations

In February, TikTok hit a record of 113 million downloads and Brazil was the fastest-growing market for the app, just behind India, where it was recently banned, thus, the Latin-American country is a market valuable to ByteDance.

PagSeguro is not the first one to join efforts with a social network. In June, Facebook‘s WhatsApp announced WhatsApp Pay in Brazil, the first market to test the novelty. The service, however, was suspended days later by the Central Bank and the Administrative Council for Economic Defense (Cade). At the time of launch, the service partners in Brazil were Banco do Brasil, Nubank, Sicredi, and Cielo, which would process payments at no cost for consumers or individuals making money transfers. Merchants, however, would have to pay.