How to use TikTok, the right way?

With over 1 billion active users, TikTok is a social media site that is expanding quickly. Does this mean that the social media platform is a new tool for business marketing or just another platform where users may spend time?

TikTok is a social media platform where users upload short video content and follow trends to stay up-to-date. As the majority of users are from Gen Z, they create all types of short videos, including educational, entertaining, fashion, beauty, and skincare as well as marketers. The platform aims to provide information/entertainment in the shortest amount of time.

As for the payout model, TikTok integrates affiliate marketing for its users. The users with more views attract different businesses to promote their products/services in exchange for PR gifts, rewards cash, and sponsorship deals

Any financial activity that incorporates technology, such as opening a mobile wallet, participating in investment forums, or making payments, is referred to as fintech. Fintech companies want their customers, especially in the sub-continent region, to be sufficiently informed so they can adopt a digital payment behavior, hence the majority of their profiles on TikTok fall into the category of financial advice and personal finance.

The growing adoption of smartphones and internet services has made the market even more alluring, in addition to the economic aspects that give enormous chances for fintech to flourish in a nation like Pakistan. In Pakistan, an astounding 77% of individuals own a smartphone, and 43% have access to high-speed internet, which leaves a lot of room for the development of digital payment solutions. This is the ideal time to enter the fintech sector and take control of this innovation, which is undoubtedly going to flourish over the coming years as the digital revolution sweeps the nation; rising patterns have already been seen over the previous years.

Fintechs typically include users in the creation of an online account or the making or collecting of payments to simplify things for each individual. However, in order to attract more users, fintech need to make their sign-up process simpler. In order to conduct a successful campaign on the app, dozens of fintech organizations, including BNPL (Buy Now Pay Later), have rushed to TikTok. This is largely due to the platform’s enticing audience and its over 1 billion active users who are actively searching for a side gig for making wise financial decisions.

Skeptics who believe financial technology cannot compete with TikTok should keep in mind that TikTok recently launched #learnontiktok camping, concentrating on delivering the appropriate amount of instructional films to gen Z. Gen Z collectively has over dollar 143 billion in spending power, making them an important financial segment. Gen Z is open to adopting fintech instead of traditional banks as they are very interested in learning technologies.

FinTok Influencers

A few noteworthy FinTok influencers are:

Humphrey Yang (@humphreytalks) has 2.7 million TikTok subscribers and uses the platform to explain changes in the stock market, property investment, gas costs, and inflation.
Austin Hankwitz (@austinhankwitz), adds opinions to news articles regarding Nike’s investment in NFTs or Apple’s achievement of a new market cap milestone. He has more than 500k fans.
Vivian Tu (@YourRichBFF), amassed 900k followers. She developed her brand by offering practical tips for achieving financial independence, and she is now compensated $3 to $4k every article to promote businesses like Credit Karma and Insurify.

Fintech Companies in Pakistan

The goal of fintechs like PayPro, sadapay, easypaisa, nayapay, finja, Kuickpay, safepay, jazz cash, checkout, Foreepay, opay, tez financial, finja, and zindigi is to digitize the Pakistani economy. As TikTok becomes more widely available, they are launching various ads on various social media platforms to lure people to the new payment behavior and educate them about how safe and simple online payments are.

With the use of brief videos showing their dashboards, online payment gateways, website payment options, how to pay a bill, and electronic payment systems, Pakistani fintechs have already launched a variety of campaigns on TikTok to sell their merchandise and services. Through this, they hope to assist and educate the users by presenting them to payment security behavior through engaging video content

In Conclusion

The TikTok community is growing on a very huge scale day by day from entertainment to instructive films. It’s the greatest time for any business, including fintech, to increase sales and generate leads from this social media platform and educate the audience as effectively as they can with the massive TikTok community.