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000 TikTok Promo Cash Disbursements In Mexico ToditoCash Makes 200

ToditoCash Makes 200,000 TikTok Promo Cash Disbursements In Mexico

May 28, 2021 at 04:05AM
by PYMNTS

Mexico-based ToditoCash, a FinTech payments processor, has disbursed 200,000 cash payments for social media platform TikTok, according to a press release.

TikTok has been running a promotion for its app that gives users cash when they recommend it to friends, the release stated. It pays up to 150 Mexican pesos (about $7.50) to those who endorse the app.

TikTok “has contracted ToditoCash as its lead vehicle for payments to users,” according to the release.

ByteDance, which owns TikTok and is worth $180 million, plans to buy more than 15 million Mexican users via this direct payments method, the release stated.

ToditoCash has more than 28,000 customers in Mexico. Users can deposit or retrieve cash, send payments for free, and buy goods and services, according to the release.

TikTok has been doing well through the pandemic. PYMNTS reported in January that the company grew its operating profit to $7 billion. ByteDance saw revenue of around $35 billion last year.

The previous year saw ByteDance with around $4 billion. The company, which is based in Beijing, is valued at around $180 billion.

Despite of the company’s success, TikTok has seen some controversy. The social media firm was banned in India, which spurred a spate of layoffs. There were also around 58 other Chinese apps banned by the Indian government.

In addition, former President Donald Trump also moved to ban TikTok in the U.S. He cited security threats as the reason why.

Earlier this month, TikTok began working with European merchants to test in-app sales, which will likely heighten the company’s rivalry with Facebook.

ByteDance is attempting to tap into the $1.7 trillion Chinese eCommerce market as it prepares for its initial public offering (IPO). The company is looking to handle more than $185 billion in eCommerce per year by 2022.