China's ByteDance buys UIPay to leverage local e-payment capabilities

China's ByteDance buys UIPay to leverage local e-payment capabilities

Zhang Yiming, founder and global CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. Picture taken March 4, 2020. REUTERS/Shannon Stapleton

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.