TikTok testing in-app money transfers through direct messages, source says
TikTok is prototyping a peer-to-peer payment feature inside its U.S. iPhone app that would let users send money via direct messages.
A Bloomberg investigation uncovered concealed code in TikTok’s U.S. iPhone app that points to a forthcoming peer-to-peer payment tool embedded in direct messages. The design would allow users to tap to receive money and let senders include a short message, mirroring the experience of services like Venmo. This feature would draw on TikTok Pay, which currently supports purchases on TikTok Shop in Southeast Asia.
TikTok confirmed to Bloomberg that the functionality is not yet being tested, suggesting it remains in early development with no announced launch date. The initiative adds to TikTok’s broader push into financial services, highlighted earlier this year by an application to Brazil’s central bank for a fintech licence. If released, the service would place TikTok in direct competition with established social payment platforms such as Venmo, Zelle and X Money.
Why it matters
TikTok entering peer-to-peer payments could reshape how social media users transfer money and intensify competition among digital payment services.
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