TikTok and Visa launch debit card to speed payouts to UK creators
Summary
TikTok and Visa have introduced a new debit card for UK content creators to help them get paid faster for their earnings on TikTok Live. The card links to creators' TikTok accounts and allows quicker access to money earned from virtual gifts and brand deals.Key Facts
- The debit card is for TikTok content creators in the UK who make money through TikTok Live.
- TikTok Live lets creators broadcast video in real time and receive virtual gifts from viewers, which convert into cash.
- Users often wait days or weeks for payments to clear, causing money flow problems.
- The new card is virtual, has no sign-up fee, and can be applied for through the TikTok app by users aged 18 and over.
- It helps creators manage earnings separately from their personal bank accounts but is not a full business bank account.
- Research shows almost half of creators experienced late payments, affecting their work.
- The card can also be used for other income sources like brand partnerships.
- TikTok Live and similar platforms are building systems to support the growing creator economy, which Visa estimates could be worth $500 billion globally by 2027.
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