TikTok is developing a feature that could let users send money to one another through direct messages, according to a Bloomberg report.
The potential service would use TikTok Pay, which is already available in Southeast Asia for TikTok Shop purchases. References to the feature were reportedly found in code within the current version of TikTok’s US iPhone app.
The code suggests recipients could “tap to accept” payments, while senders could add messages, in a setup similar to Venmo. TikTok told Bloomberg that the feature is not being tested, indicating that it remains at an early development stage. The company has not said whether or when it might launch the service more widely.
The move would extend TikTok’s growing push beyond social media and into financial services. Reuters reported earlier this year that the company had applied to Brazil’s central bank for approval to offer lending and payment services as a fintech company.
A peer-to-peer payments feature would put TikTok in competition with services such as Venmo and Zelle, while other social platforms are also entering the space. X recently launched X Money, which allows users to send money to each other.
Source: TechCrunch
