ByteDance Affiliate in Beijing Applies for Patent on Electronic Money Account Methods

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A Beijing-based affiliate of TikTok-owner ByteDance has filed an application for technology related to the use of electronic money accounts.

Beijing ByteDance Wangluo Jishu Co., Ltd. (北京字跳网络技术有限公司) applied for a patent involving “binding methods, installation and electronic equipment for electronic money accounts” on 9 November 2020, according to industrial and commercial data made public by Chinese authorities earlier this month.

According to the patent summary the technology involves achieving the “one-time completion of the binding of multiple electronic money accounts with a target account, thus increasing the efficiency of the binding of electronic money accounts with target accounts.”

According to data from company database Qiqimao Beijing ByteDance Wangluo Jishu was established on 15 October 2018 with registered capital of USD$100 million, and is a wholly owned affiliate of social media giant ByteDance.

The company’s business scope includes technological development, transfer, consulting and services, as well as software development and design and cultural creation.

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