TikTok is reportedly exploring a feature that would let users send money to each other through direct messages, signaling a potential expansion of the platform's financial services. According to a Bloomberg report, code references to the feature were found in the current version of TikTok's US iPhone app.

The feature could allow users to send payments directly through DMs, with recipients able to 'tap to accept' the money. Senders may also be able to attach a message to a payment, similar to the experience offered by services such as Venmo.

TikTok Pay Could Power Money Transfers

If introduced, the feature would reportedly use TikTok Pay, the company's existing payments service that is already available in parts of Southeast Asia for TikTok Shop purchases. However, the feature appears to still be in an early stage of development.

TikTok told Bloomberg that the payment function is not currently being tested, meaning there is no confirmed timeline for its launch or indication that it will eventually become available to users.

TikTok Expands Beyond Social Media

The potential payment feature would mark another step in TikTok's expansion beyond short-form video. The platform has increasingly added services including TikTok Shop, search tools, local discovery features, games, and hotel bookings, moving towards a broader 'super app' model.

TikTok has also previously explored financial services in other markets. Reuters reported earlier this year that the company had applied to Brazil's central bank for approval to operate as a fintech company offering lending and payment services.

Competition in Social Media Payments

A peer-to-peer payment feature could put TikTok in competition with established services such as Venmo and Zelle. TikTok would not be the only social platform moving deeper into financial services. X, formerly known as Twitter, recently launched X Money in the United States, allowing users to send money to each other.

For TikTok, integrating payments into direct messages could further connect its social, shopping, and financial services while giving users another reason to remain within the platform.

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