Creators based in the U.K. can now take advantage of a banking solution that serves their unique financial needs. Visa has partnered with TikTok to launch a debit card that offers a number of creator-centric perks.
The so-called “creator card” attempts to address some of the issues that pop up when social media professionals bring their business to traditional banks. In many cases, those interactions evince skepticism from bankers, leaving creators short on cash and frustrated with their financial institutions.
In the United States, companies like Karat have reduced friction by rolling out credit and debit cards that are designed to be used by creators. Now, across the pond, one of Karat’s longtime partners has developed a similar solution. Users of Visa’s creator card will be able to clear payouts quickly, preventing delays that prevent them from accessing their money.
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Visa’s partnership with TikTok adds some additional perks to its creator card. TikTok Live has become a full-time job for thousands of creators, and the creator card is designed to recognize in-stream gifts and other related revenue sources.
“We are incredibly excited to launch the UK creator card with TikTok to empower the next generation of entrepreneurs in the digital economy,” said Lucy Demery, Visa’s SVP of Commercial Solutions for Europe, in a statement. “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.”
Even as creators across the globe gain access to new banking services, many digital professionals still struggle to work alongside mainstream financial institutions. In the United States, we saw examples of that phenomenon during tax season, when some creators were flummoxed by the bills they owed to the government. Visa recently reported that 49% of creators have their businesses impacted by late or inconsistent payments, and 41% of creators have had to turn down opportunities due to cash flow issues.
We’ll soon learn whether solutions like the creator card can mitigate those frustrations. After debuting its new product with a soft launch, Visa is now rolling out the card among a larger group of eligible Brits.
