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.
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.
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 in 2024.
There are also references to the ability to add a message with the payment, similar to the captions in PayPal Holdings Inc.’s Venmo service, Bloomberg wrote. TikTok, which has roughly 2 billion monthly active users, and ByteDance are hiring for roles focused on its financial services products, in the U.S. and abroad, it added.
Elon Musk’s X began developing a “super app” for commerce and financial services, including crypto and stock trading. Some creators on the social media platform have already tested the new features, including X Money for peer-to-peer payments among users, which Musk said would go live in April.