TikTok code includes peer-to-peer payments over messaging: Bloomberg
TikTok is exploring the integration of peer-to-peer payment features within its direct messaging platform, according to code discovered by Bloomberg. While the feature is currently in early development and not yet being tested, it aligns with parent company ByteDance's broader strategy to expand its financial services globally.
Why it matters
This development signals a significant shift toward 'super app' functionality for TikTok, potentially intensifying competition with platforms like X and Venmo in the digital payments space.
The feature is not currently being tested anywhere, a spokesperson told Bloomberg, indicating it is still in its early development stages.
The social media platform’s parent company, ByteDance, a Chinese company valued at over $550 billion , has been exploring financial applications since at least 2021, when it released Douyin Pay. The payment service for Douyin, the Chinese version of TikTok, lets users link bank accounts to buy products from stores, pay for livestream shopping and send in-app tips. The company released TikTok Pay, with the same features, in Thailand, Vietnam and Malaysia.
The code suggests that, if the feature is enabled, users would be able to send and receive money via direct messages. The code also shows that recipients would be able to “tap to accept” payments sent to them before the expiration date, and senders would be notified of the transaction status via push notifications or their inbox.
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