TikTok is building peer-to-peer payments — here's what the code reveals

TikTok is developing a feature that would allow users to send money to each other via direct messages, according to a report from Bloomberg. The discovery was made by analyzing code hidden in the current version of TikTok's US iPhone app.

The feature would be powered by TikTok Pay, the company's existing payment system already available in Southeast Asia for transactions within TikTok Shop. The code indicates that recipients would be able to "tap to accept" payments, while senders could attach messages to their transfers, similar to the popular US payment service Venmo.

TikTok told Bloomberg that the feature is not currently being tested, suggesting it is in an early development stage. It is unknown when or if TikTok plans to launch peer-to-peer payments widely. The company did not immediately respond to TechCrunch's request for comment.

This is not TikTok's first move 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.

TikTok has gradually expanded beyond its core social media platform. It now includes robust search, TikTok Shop, a local discovery map, games, hotel bookings, and more. Adding peer-to-peer payments would put TikTok in direct competition with services like Venmo and Zelle.

TikTok is not the only social network pushing into financial services. X, formerly known as Twitter, is also developing payment features. The move reflects a broader trend among major social platforms to embed financial transactions into their ecosystems, aiming to increase user engagement and create new revenue streams.