TikTok and Visa have introduced the Creator Card, a debit card targeted at content creators and influencers, according to multiple reports. The card is designed to give users faster access to their money and greater control over their finances, helping TikTok influencers split personal finances from business income earned on the social media platform.
A survey by Censuswide for Visa of 1,000 professional content creators found that 49% felt late or inconsistent payments affected their ability to run their business. Two in five content creators surveyed said they had turned down new opportunities due to cash flow problems. Over a third of content creators surveyed said social media payment delays caused them stress or anxiety. These financial challenges highlight the need for better payment solutions in the creator economy.
The survey also revealed that 94% of content creators wanted to divide personal and business cashflows, with most using a personal bank account for social media income. Around 85% of creators earn up to £74,000 each year and many manage multiple revenue streams, with 95% involved in brand partnerships, according to Visa. The strong desire for separate finances underscores the card's potential appeal.
TikTok Live allows influencers with at least 1,000 followers to post live videos and receive virtual gifts that can be converted to money. TikTok users can also generate money via partnerships, affiliate marketing, and promoting products. The Creator Card aims to avoid delays from waiting for payouts to fully clear. TikTok and Visa said income via TikTok Live comes in 'bursts' rather than a monthly payslip, making the card's faster access particularly valuable.
The Creator Card is being rolled out across Britain after a 'soft launch' trial period. Visa estimates there are around 200 million content creators globally, with the sector projected to reach about £370 billion by 2027. This launch positions TikTok and Visa to tap into a rapidly growing market.