Summary
TikTok is developing a feature that would allow users to send each other money via direct messages, according to a Bloomberg report. References to the potential feature were found in code hidden within the current version of TikTok's U.S. iPhone app. If rolled out, the feature would use TikTok's TikTok Pay offering, already available in Southeast Asia for TikTok Shop purchases. Recipients would be able to "tap to accept" payments, and senders could include messages, similar to Venmo.
Key Facts
- TikTok developing a feature to send money via direct messages (per Bloomberg)
- References found in code hidden within TikTok's U.S. iPhone app
- Would use TikTok Pay, already available in Southeast Asia for TikTok Shop purchases
- Recipients could "tap to accept" payments; senders could include messages (Venmo-like)
- TikTok told Bloomberg the feature is not being tested — suggests early development
- Unknown when or if TikTok will widely release P2P payments
- TikTok applied to Brazil's central bank earlier this year to operate as a fintech offering lending and payment services
- Would compete with Venmo and Zelle
- X (formerly Twitter) recently launched X Money for user-to-user payments
- TikTok has expanded beyond social media: search, TikTok Shop, local discovery map, games, hotel bookings
Why It Matters
TikTok's exploration of peer-to-peer payments signals the continued convergence of social media and financial services. If rolled out, TikTok Pay could leverage its massive user base to challenge Venmo and Zelle in consumer P2P payments, following X's launch of X Money. The move reflects a broader trend of social platforms embedding payments to deepen engagement and monetization, and it raises questions about how regulators will treat social-media-native financial services.