TikTok is reportedly developing a peer-to-peer payment feature that would allow users to send money to each other through direct messages, similar to X’s lately announced X Capital feature.
According to Bloomberg, the planned feature would use TikTok Pay, the business’s payment service that is already available in Southeast Asia for purchases made through TikTok Shop.
Payments Through Direct Messages
The code suggests that recipients would be able to “tap to accept” a payment. Senders could also attach a message to the transaction, making the system similar to services such as Venmo.
However, TikTok informed Bloomberg that it is not currently testing the feature. This suggests that the payment system remains at an early stage of development.
Consequently, it remains unclear when TikTok could launch the feature or whether the company will release it widely.
TikTok did not immediately respond to TechCrunch’s request for comment.
TikTok Expands Into Financial Services
This would not be TikTok’s first move into financial services.
Reuters reported earlier this year that TikTok had applied to Brazil’s central bank for approval to operate as a financial technology business offering lending and payment services.
TikTok has also gradually expanded beyond traditional social media. The platform now offers features including search, TikTok Shop, a local discovery map, games, hotel bookings, and other services.
TikTok is also not the only social network moving into financial services. X, formerly known as Twitter, recently rolled out X Money. It allows users to send capital to each other.
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