Bloomberg · TikTok · China · CoinDesk
TikTok code includes peer-to-peer payments over messaging: Bloomberg
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Code hidden in the current version of TikTok’s U.S. iPhone app indicates that the social media giant is developing a feature to allow peer-to-peer money transfers via direct messages, Bloomberg reported.
Key facts
- TikTok’s further push into financial services comes as people familiar with the company’s finances told Bloomberg that ByteDance expects sales to increase to roughly $186 billion from $155 billion
- 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
- Elon Musk’s X began developing a “super app” for commerce and financial services, including crypto and stock trading
- The feature is not currently being tested anywhere, a spokesperson told Bloomberg, indicating it is still in its early development stages
Summary
TikTok is developing an in-app feature that would let U.S. users send and receive money via direct messages, according to code found in its iPhone app. The peer-to-peer payment tool, which is still in early development and not yet being tested, would allow recipients to tap to accept transfers before they expire. The move deepens ByteDance’s push into financial services, building on Douyin Pay and TikTok Pay in Asia, as the company expands hiring in fintech. The feature is not currently being tested anywhere, a spokesperson told Bloomberg, indicating it is still in its early development stages.