TikTok might soon let you send money via DMs
What's the story
TikTok is said to be working on a new feature that would let users send money to each other via direct messages. The move, if implemented, would leverage the platform's existing TikTok Pay service, which is already operational in Southeast Asia for TikTok Shop transactions. References to this potential feature were discovered in the code of the latest version of TikTok's US iPhone app.
Feature details
Code hints at interactive payment experience
The code hints that users would be able to accept payments with a simple "tap," while senders could personalize their transactions with messages, much like Venmo.
This would make the payment experience more interactive and personal for users.
However, TikTok has confirmed to Bloomberg that this feature is not currently being tested, indicating it is still in the early stages of development.
Service expansion
TikTok's push into financial services
This isn't the first time TikTok has tried to expand its services into the financial sector.
Earlier this year, Reuters reported that the platform had sought approval from Brazil's central bank to operate as a fintech company offering lending and payment services.
The move is part of a broader trend among social networks exploring financial service offerings.
Diversification strategy
Expanding beyond social media
Even though TikTok is often called a social media giant, it has been diversifying its offerings with features like robust search, TikTok Shop, local discovery map, games, hotel bookings, and more.
The introduction of peer-to-peer payments would put the platform in direct competition with services like Venmo and Zelle.
This move further highlights TikTok's ambition to become a one-stop platform for all user needs.