TikTok explores peer-to-peer payments via DMs, report says

In Brief

TikTok is processing a diagnostic that would let users to nonstop each different wealth via nonstop messages, according to a caller study from Bloomberg. If rolled out, the diagnostic would usage the societal media service’s TikTok Pay offering, which is already disposable successful Southeast Asia for TikTok Shop purchases.

References to the imaginable diagnostic were recovered successful codification hidden wrong the existent mentation of TikTok’s U.S. iPhone app, according to the report. The codification indicates that recipients would beryllium capable to “tap to accept” payments, portion senders could see messages with their payments, akin to Venmo.

TikTok told Bloomberg that the diagnostic is not being tested, which suggests that it’s successful aboriginal development. Given that the diagnostic is inactive nether development, it’s chartless erstwhile oregon if TikTok plans to wide merchandise peer-to-peer payments.

TikTok did not instantly respond to TechCrunch’s petition for comment.

It’s worthy noting that this isn’t the archetypal clip TikTok has tried to propulsion further into fiscal services. Reuters reported earlier this twelvemonth that TikTok had applied to Brazil’s cardinal slope for support to run arsenic a fiscal exertion institution offering lending and outgo services. 

Although TikTok is wide described arsenic a societal media giant, it has gradually expanded beyond that category acknowledgment to additions specified arsenic robust search, TikTok Shop, a section find map, games, edifice bookings, and more. By introducing peer-to-peer payments, TikTok would beryllium competing with services similar Venmo and Zelle.

TikTok isn’t the lone societal web pushing into fiscal services, arsenic X, formerly known arsenic Twitter, precocious launched X Money to let users to nonstop each different money.

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