A debit card targeted at content creators and influencers has been launched by TikTok and Visa.
Dubbed the ‘Creator Card’, the debit card is designed to give users faster access to their money and ‘greater control over their finances’.
It will give TikTok influencers a better opportunity to split their personal finances from their business income coming in via the social media channel.
TikTok Live gives influencers and content creators with at least 1,000 followers the chance to post live videos on TikTok in real time.
During a TikTok Live posting, TikTok users can be rewarded for their creativity through virtual gifts. Creators can then convert the value of gifts and they may be exchanged for money.
TikTok users can also generate money via partnerships with businesses, affiliate marketing and promoting the services or products of companies.
TikTok and Visa said the new Creator Card would help TikTok users avoid delays from waiting for payouts to fully clear.
Making money: A debit card targeted at content creators and influencers has been launched by TikTok and Visa
A recent survey of 1,000 professional content creators surveyed using multiple social media channels by Censuswide for Visa found that 49 per cent of content creators felt that late or inconsistent payments had affected their ability to run their business.
Two in five of those surveyed said they had had to turn down new opportunities due to cash flow problems.
Meanwhile, 94 per cent claimed they wanted to be able to divide their personal and business cashflows, with most users using a personal bank account for income generated via social media.
Over a third said social media payment delays had caused them stress or anxiety.
TikTok and Visa said that income via TikTok Live comes in ‘bursts’ rather than a monthly payslip.
The duo added that delays in accessing funds can affect influencers’ ability to cover costs, reinvest or take on new opportunities.
Following a ‘soft launch’ trial period, the creator card is now being rolled out across Britain.
Lucy Demery, senior vice president, head of Visa commercial solutions, Europe, said the card would ’empower the next generation of entrepreneurs in the digital economy’.
She added: ‘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 at 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.’
Visa has estimated that there are around 200million content creators globally, with the sector projected to reach about £370billion by 2027.
Around 85 per cent of creators earn up to £74,000 each year and many of them manage multiple revenue streams, with 95 per cent involved in brand partnership and 77 per cent promoting services at least once a month, Visa said.
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