TikTok Developing Peer-to-Peer Payment Feature

TikTok is reportedly working on a new feature that will enable users to send money to one another via direct messages. According to Bloomberg, this potential feature would utilize TikTok Pay, which is currently available for transactions in TikTok Shop across Southeast Asia.

Code references for the payment feature were discovered within the latest version of TikTok’s U.S. iPhone app. The embedded code suggests that recipients of payments would have the option to “tap to accept” funds, and senders could include accompanying messages, similar to functionalities offered by platforms like Venmo.

Although TikTok stated to Bloomberg that the feature is not currently being tested, it indicates that development is in its early stages. With no confirmed timeline for a wide release, the rollout of peer-to-peer payments remains uncertain.

In addition, TikTok has been expanding its efforts in financial services, having recently applied to Brazil’s central bank for approval to operate as a financial technology provider that would offer lending and payment services.

Known primarily as a social media platform, TikTok has gradually extended its capabilities beyond traditional social networking. It has introduced various features, including a robust search function, TikTok Shop, local discovery maps, games, and hotel bookings. The addition of peer-to-peer payments would position TikTok in competition with existing payment services such as Venmo and Zelle.

Moreover, TikTok is not alone in its pursuit of financial service integration. X, previously known as Twitter, recently launched X Money, permitting users to send money to each other.