● Covered by 1 source · 1 reportMedium impact1 neutral
TikTok explores peer-to-peer payments via direct messages
Key points
- TikTok is developing peer-to-peer payments via DMs.
- The feature would use TikTok Pay, already available in Southeast Asia.
- Code references were found in TikTok's U.S. iPhone app.
- TikTok stated the feature is in early development, not yet testing.
TikTok's Peer-to-Peer Payment Development
TikTok is reportedly developing a feature to enable peer-to-peer money transfers directly within its direct messaging system. This information comes from a Bloomberg report, which cited code found within the current version of TikTok’s U.S. iPhone application.
The proposed feature would integrate with TikTok Pay, an existing offering currently used for TikTok Shop purchases in Southeast Asia. Code snippets suggest functionality similar to other payment apps, where recipients can "tap to accept" payments and senders can include messages.
Early Stages of Development
TikTok informed Bloomberg that the peer-to-peer payment feature is not currently being tested, indicating it is in early development. The timeline for a potential wide release remains unknown.
Expansion into Financial Services
This development marks another step in TikTok's expansion beyond its core social media function. The company has previously ventured into financial services, with Reuters reporting an application to Brazil’s central bank for approval to operate as a financial technology company offering lending and payment services. Other expansions include TikTok Shop, a local discovery map, games, and hotel bookings.
Competitive Landscape
If launched, TikTok's peer-to-peer payment feature would enter a competitive market, directly challenging services like Venmo and Zelle. This move aligns with a broader trend among social networks, as X (formerly Twitter) recently launched X Money for similar user-to-user money transfers.
✨ This summary was generated by AI from the outlets' reporting listed below. It is not independently verified and may contain errors — check the original sources. How BrevFeed works →
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Reporting from
TikTok is developing a feature that would allow users to send money to each other through direct messages, according to a Bloomberg report. This potential expansion into financial services would utilize TikTok Pay and position the platform to compete with existing peer-to-peer payment services.