TikTok is reportedly developing a feature that would enable users to send money to each other through direct messages. This functionality would utilize TikTok Pay, the platform’s existing payment system currently available in Southeast Asia for TikTok Shop transactions.
References to this potential feature have been discovered within the code of TikTok’s U.S. iPhone app. The code suggests that recipients would have the option to “tap to accept” payments, while senders could include messages with their payments, resembling the functionality of services like Venmo.
According to TikTok, the feature is not yet in the testing phase, indicating it is still in early development. Consequently, there is no confirmed timeline for its potential release.
This initiative is part of TikTok’s broader strategy to expand beyond its core social media offerings. The platform has been integrating various services, including robust search capabilities, TikTok Shop, a local discovery map, games, and hotel bookings. Introducing peer-to-peer payments would position TikTok in direct competition with established services such as Venmo and Zelle.
Other social media platforms are also venturing into financial services. For instance, X (formerly known as Twitter) recently launched X Money, allowing users to send money to each other.
Integrating peer-to-peer payments into TikTok’s direct messaging could significantly enhance user engagement and open new revenue streams. However, the success of this feature will depend on user adoption and the platform’s ability to navigate regulatory challenges associated with financial services.
