TikTok is reportedly building peer-to-peer payments via DMs

TikTok is developing a feature that would let users send each other money via direct messages, according to a new report from Bloomberg. If rolled out, the feature would use TikTok Pay, the platform’s payments offering already available in Southeast Asia for TikTok Shop purchases.

References to the potential feature were found in code hidden within the current version of TikTok’s U.S. iPhone app, the report said. The code indicates recipients would be able to “tap to accept” payments, while senders could attach messages to their payments, similar to Venmo.

TikTok told Bloomberg the feature isn’t being tested, suggesting it’s still in early development; it’s unclear when, or if, TikTok plans to widely release peer-to-peer payments.

This wouldn’t be TikTok’s first push 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 company offering lending and payment services.

Although TikTok is widely described as a social media giant, it has gradually expanded beyond that category with additions like robust search, TikTok Shop, a local discovery map, games, and hotel bookings. Introducing peer-to-peer payments would put it in competition with services like Venmo and Zelle. TikTok wouldn’t be the only social network pushing into financial services, either: X, formerly known as Twitter, recently launched X Money to let users send each other money.

Why it matters

If TikTok follows through, it would join X’s new X Money in pulling major social platforms further into financial services — potentially chipping away at dedicated P2P apps like Venmo and Zelle.