The US version of the TikTok iPhone app contains code linked to a potential feature that would allow users to send money through direct messages. Bloomberg first reported the discovery.
The feature is not currently available to users. A TikTok spokesperson confirmed to Bloomberg that the company is working on the feature, but said it is not being tested in any market at this time. There is no information on when money transfers could become available in the app.
How Money Transfers on TikTok Could Work
The new feature is linked to TikTok Pay, a payment system already used in Vietnam, Malaysia and Thailand to process purchases on TikTok Shop.
Based on the code found in the app, users could be able to send money directly from a private chat.
The expected process could work as follows:
- the sender creates a payment directly in the chat and can add a message to the transaction;
- the recipient confirms the transfer by tapping an “Accept” button;
- transaction updates are displayed in the chat or delivered through push notifications.
The functionality could be similar to money transfers on Venmo, where users can also add a comment to a transaction.
TikTok Is Not Testing the Feature Yet
TikTok told Bloomberg that the feature is still in the early stages of development. The company is not currently testing it in the US or any other market.
The presence of related code in the app does not necessarily mean the feature will eventually become available to the public. TikTok could change the concept or abandon the project before launch.
TikTok Expands Its Payment Features
Payments are becoming an increasingly important area of development for major social platforms.
In China, Douyin, TikTok’s local counterpart, already operates Douyin Pay. Users can link bank cards, pay for purchases during livestreams and send money to creators.
Social network X is also developing its own payment system, called X Money.
If TikTok launches user-to-user money transfers in the US, the platform could compete with established money transfer services such as Venmo and Zelle. The key difference would be that payments would be integrated directly into an app users already use for communication and content.
For TikTok, this could be another step toward bringing communication, shopping and financial transactions together on a single platform.
Source: Bloomberg, «TikTok Is Exploring Feature to Send Money Over Direct Messages»
