Report: TikTok Explores Peer-to-Peer Payment Feature via Direct Messaging

A recent report from Bloomberg indicates that TikTok is developing a new feature allowing users to send money through direct messages. If this feature is rolled out, it will leverage the TikTok Pay system, currently operational in Southeast Asia for transactions via TikTok Shop.

The report suggests that hints about this new functionality were found in the code of the latest version of TikTok’s iPhone app in the U.S. The code implies that recipients could “tap to accept” payments, with senders possibly able to include messages with their payments, akin to Venmo’s approach.

Bloomberg also mentioned that TikTok has stated this feature is not under active testing yet, indicating it is still in the initial development phase. Since the feature is not publicly disclosed, it is uncertain when or if TikTok plans to launch peer-to-peer payment functionality on a broader scale.

TechCrunch’s inquiry for comments from TikTok went unanswered.

It’s important to note that this isn’t TikTok’s first attempt to enter the financial sector. Earlier this year, Reuters reported that TikTok had applied for approval from Brazil’s central bank to operate as a financial technology firm offering lending and payment services.

While TikTok is mostly recognized as a social media giant, it has gradually expanded its scope by adding features such as advanced search functions, TikTok Shop, a local discovery map, gaming, hotel bookings, and more. The addition of peer-to-peer payments would position TikTok as a competitor to services like Venmo and Zelle.

TikTok is not the only platform venturing into financial services; X, previously known as Twitter, has recently introduced X Money, allowing users to transfer funds to one another.