TikTok launches a feature allowing users to send money via messages

Arabic - TikTok is developing a new feature that will allow users to send and receive money via direct messages (DMs), a move that could expand the platform’s presence in the financial services sector, according to a Bloomberg report.

If officially launched, the feature would rely on TikTok Pay, the platform’s payment service already available in several Southeast Asian countries to facilitate purchases through TikTok Shop.

According to the report, references to the anticipated feature were found within the hidden code of the current version of the TikTok app for iPhones in the United States.

The code suggests that the recipient would be able to click an “Accept” option to complete the transfer, while the sender could attach a message along with the transferred amount, in a user experience closely resembling that of Venmo.

However, TikTok confirmed to Bloomberg that the feature is not currently undergoing testing, indicating it remains in the early stages of development.

Since the project is still under development, there is no confirmed information regarding the launch date of the peer-to-peer money transfer service, or whether TikTok will roll it out broadly at all.

This is not the first time TikTok has attempted to expand further into the financial services sector. Reuters previously reported that TikTok had applied to the Central Bank of Brazil for approval to operate as a fintech company, offering services including lending and payments.

If the peer-to-peer money transfer service is launched, TikTok would enter direct competition with digital financial services such as Venmo and Zelle.

TikTok is not the only social network moving toward financial services; the platform X, formerly known as Twitter, recently launched “X Money,” which allows users to send money to one another.