TikTok App Code Suggests Exploration of Peer-to-Peer Payment Feature

TikTok is reportedly considering the development of a peer-to-peer payment feature, according to a recent Bloomberg report. The code within the current version of TikTok’s U.S. app suggests that users could send funds with a message attached, and recipients would be able to accept the payment before its expiration date. Senders would receive notifications about transaction status.

If implemented, this feature would utilize an existing tool called TikTok Pay, which is currently used in Vietnam, Malaysia, and Thailand for shopping transactions. A spokesperson for TikTok stated that the company is not currently testing this feature in any market. However, ByteDance, the global owner of TikTok, is believed to be exploring this potential feature, as evidenced by public job postings focused on financial services roles in the U.S. and other countries.

In the U.S., where TikTok faces a ban unless ByteDance sells the app, ByteDance retains a 19.9% stake in the majority American-owned joint venture called TikTok USDS Joint Venture LLC. TikTok has recently filed for licenses with the Brazilian central bank to provide lending and payment services in the country, including becoming an "electronic money issuer" and a "direct credit company."