TikTok reportedly developing peer-to-peer payments through DMs
According to Bloomberg, TikTok is building a feature that would let users send money to each other via direct messages. The company says the feature is not currently being tested.
Bloomberg reports that TikTok is working on a new feature that would allow users to send money directly to one another through the app's messaging system. The capability would reportedly rely on TikTok Pay, a payment service already operating in Southeast Asia, where it is used for purchases through TikTok Shop.
According to the report, evidence of the feature was discovered within hidden code inside the current version of TikTok's iPhone app in the United States. The code suggests that recipients would be able to accept payments with a simple tap, while senders could attach a personal note to their transfer, a design reminiscent of Venmo.
TikTok confirmed to Bloomberg that the feature is not currently being tested, indicating it remains in an early stage of development. Because the project has not yet reached testing, it is unclear whether or when TikTok might roll it out more broadly. The company did not immediately respond to TechCrunch's request for comment.
Not TikTok's first push into finance
This would not be TikTok's first attempt to expand into financial services. Earlier this year, Reuters reported that TikTok had filed an application with Brazil's central bank seeking approval to operate as a financial technology company offering lending and payment services.
While TikTok is generally known as a social media platform, it has steadily broadened its offerings with features such as advanced search, TikTok Shop, a local discovery map, games, and hotel booking. Adding peer-to-peer payments would put TikTok in direct competition with services like Venmo and Zelle. TikTok is also not alone among social platforms moving into finance — X, formerly Twitter, recently launched X Money, which lets users send funds to each other.
