Toutiao has quietly acquired its own online payment license meaning that China’s most popular news aggregation app may go after a chunk of the mobile payment market shared by WeChat Pay and Alipay. The company has bought a 100% stake in Ulpay (合众支付), an online payment agency based in China’s Hubei province, according to 36Kr (in Chinese).

Jinri Toutiao has yet to confirm the news. According to media reports, the company has stated that the deal is confidential.

Toutiao already laid out its own insurance and loan businesses with the company forming an insurance business team in early 2017. Insiders say that the company is planning to acquire an insurance brokerage license. In July last year, Toutiao applied for a small loans license in Yinchuan, Ningxia province.

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Masha Borak

Masha Borak is a technology reporter based in Beijing. Write to her at masha.borak [at] technode.com. Pitches with the word "disruptive" will be ignored. Read a good book - learn some more adjectives.