Visa has partnered with TikTok to launch a debit card designed for content creators.
Those behind the launch said it supports the UK’s “fast-growing” creator economy and is designed to give people access to financial tools to run and grow their business.
The new creator card has features designed to improve cash flow, Visa said.
During a TikTok Live, creators may be rewarded for their creativity through virtual gifts. Creators can then convert the value of gifts and they may be exchanged for income.
Visa and TikTok’s creator card and business account enable creators to access earnings faster and avoid delays from waiting for payouts to fully clear, those behind the initiative said.
The creator card went through a “soft launch” trial period and is now being rolled out.
Lucy Demery, senior vice president, head of Visa Commercial Solutions, Europe, said: “We are incredibly excited to launch the UK creator card with TikTok to empower the next generation of entrepreneurs in the digital economy.
“This launch is designed to give creators faster access to income from TikTok Live, brand partnerships, and platform payouts, so they can spend, plan and reinvest in their business straight away.”
Paula D’Urbano, country manager, TikTok Live UK, Ireland and Baltics, said: “TikTok Live is creating the next generation of digital entrepreneurs, transforming the way creators and audiences connect in real-time.
“By partnering with Visa, we’re giving the Live community even more ways to manage their rewards – helping creators to turn their passion into a sustainable career.”
A survey commissioned by Visa indicated that nearly half (49%) of content creators feel that late or inconsistent payments have impacted their ability to run their business and two-fifths (41%) have had to turn down new opportunities due to cash flow issues.
The survey was carried out by Censuswide, among 1,000 professional content creators across the UK on multiple platforms. The research was carried out between March and June.
