TikTok eyes peer-to-peer payments in DMs: report
▼ Summary
– TikTok is developing a peer-to-peer payment feature for direct messages, using its existing TikTok Pay service already available in Southeast Asia.
– Code in TikTok’s U.S. iPhone app suggests recipients could “tap to accept” payments and senders could attach messages, similar to Venmo.
– TikTok told Bloomberg the feature is not being tested, indicating early development with no confirmed release timeline.
– TikTok has previously sought to expand into financial services, including an application to Brazil’s central bank for lending and payment operations.
– The move would compete with services like Venmo and Zelle, following X’s recent launch of its own money-transfer feature, X Money.
TikTok is quietly laying the groundwork for a new feature that could let users transfer money directly within their direct messages. A recent report from Bloomberg uncovered hidden code in the current U.S. version of the TikTok iPhone app, pointing to a peer-to-peer payment system that would run on the company’s existing TikTok Pay infrastructure, a service already active in Southeast Asia for TikTok Shop checkouts.
The embedded code suggests a straightforward user experience. Recipients would see a “tap to accept” prompt for incoming funds, while senders could attach a note or message alongside the transfer, a design that closely mirrors how Venmo handles payments between friends.
However, TikTok told Bloomberg that the feature is not currently being tested, signaling it remains in early development. That means there is no clear timeline for a public launch, and it is entirely possible the feature never sees the light of day. A spokesperson for TikTok did not respond to TechCrunch’s request for additional comment.
This move is not TikTok’s first foray into financial territory. Earlier this year, Reuters reported that TikTok had applied to Brazil’s central bank for approval to operate as a fintech company, specifically to offer lending and payment services in that market.
While TikTok is commonly categorized as a social media platform, its ambitions have stretched well beyond video sharing. The app now boasts robust search capabilities, the rapidly growing TikTok Shop, a local discovery map, in-app games, hotel booking options, and a host of other non-social features. Adding peer-to-peer payments would put TikTok in direct competition with established money transfer services like Venmo and Zelle.
TikTok is not alone in this direction. X, formerly known as Twitter, recently rolled out X Money, a feature that allows users to send funds to one another, signaling a broader trend of social platforms moving into financial services.
(Source: TechCrunch)
