TikTok Investigates Direct Messaging for Peer-to-Peer Payment Options, According to Reports
TikTok is reportedly working on a feature that would enable users to transfer money to one another through direct messages. This initiative would utilize TikTok Pay, which is currently available in Southeast Asia for purchases on TikTok Shop.
The possible feature was discovered in the code of the latest version of TikTok’s app for iPhone in the U.S. This code suggests that users would be able to “tap to accept” payments, and those sending money could attach messages, similar to the functionalities offered by Venmo.
In response to inquiries, TikTok informed sources that this feature is not presently being tested, indicating it may still be in the initial stages of development. As such, it remains uncertain when, or if, TikTok will introduce peer-to-peer payment capabilities on a larger scale.
While TikTok has not commented further, it is noteworthy that this would not be the first instance of the platform expanding into financial services. Reports earlier this year revealed that TikTok sought approval from Brazil’s central bank to function as a financial technology company offering lending and payment solutions.
Although TikTok is primarily viewed as a social media platform, it has progressively diversified its offerings, adding features such as enhanced search capabilities, TikTok Shop, a local discovery map, games, hotel reservations, and more. By launching a peer-to-peer payment feature, TikTok would enter a competitive space that includes services like Venmo and Zelle.
TikTok is not alone in this endeavor; competing social networks like X, which was previously known as Twitter, have also introduced financial services, launching X Money to facilitate money transfers between users.
