TikTok Explores P2P Money Transfers via Direct Messages
In brief
- TikTok Pay money transfer feature discovered in US iPhone app code, not yet tested
- Feature would enable peer-to-peer payments between users in direct messages
- TikTok Pay currently operates in Vietnam, Malaysia, and Thailand for Shop purchases
How the Feature Would Work
Hidden code in the US iPhone app suggests the peer-to-peer payment system would include several conveniences for users. Recipients could accept payments before an expiration date, while senders would receive status notifications and attach messages to transfers. The company may ultimately decide not to launch it, leaving the feature's future unclear.
TikTok's Payments Expansion
TikTok and parent ByteDance have expanded into commerce and payments as social platforms seek more consumer spending and engagement. The platform already supports Shop transactions and digital coins used for virtual gifts. Consumers have spent more than $2.9 billion on TikTok worldwide in the current year, according to Sensor Tower, and TikTok has led global apps in in-app purchase revenue since 2022.
The companies are also recruiting for financial-services roles in the US and other markets, signaling deeper investment in payment infrastructure. Entry into peer-to-peer transfers would extend TikTok's presence across the consumer financial ecosystem at a time when some existing payment tools have faced lawsuits alleging child exploitation and violations of money-transmission laws.
