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TikTok is reportedly working on a new feature that would enable users to send money directly to one another within the app's direct messaging function, potentially positioning it as a competitor to services like Venmo and Zelle.

Evidence of this feature was discovered within the code of TikTok's current US iPhone application. The code suggests that recipients would be able to accept payments with a tap, and senders could accompany their transfers with messages, mirroring the user experience of established peer-to-peer payment applications. If implemented, the feature would leverage TikTok Pay, the company's existing payment infrastructure currently operational in Southeast Asia for TikTok Shop transactions.

TikTok has informed Bloomberg that the feature is not actively being tested, indicating it is in the early stages of development. This potential expansion aligns with TikTok's ongoing strategy to diversify its offerings beyond short-form video content. Earlier this year, the company applied for a financial technology license in Brazil.

The platform has already introduced a range of new functionalities, including enhanced search capabilities, TikTok Shop, local discovery features, games, and hotel bookings. The move also follows a trend among social media platforms to enter the financial services sector, with X (formerly Twitter) recently launching its own peer-to-peer money transfer feature, X Money.