TikTok develops direct-message money transfers, expanding payments push

TikTok is developing a peer-to-peer payments feature for direct messages that would let users send and receive money inside the app, extending ByteDance's broader push into financial services. Code in the U.S. iPhone app indicates recipients could tap to accept payments before they expire, senders could add a note, and transaction updates would appear through push notifications or the inbox, creating a Venmo-like experience. TikTok said the feature is not being tested in any market and remains at an early stage. The effort builds on ByteDance's payments work since at least 2021, when it launched Douyin Pay in China, and on TikTok Pay in Thailand, Vietnam and Malaysia. Bloomberg also reported ByteDance expects sales to rise to roughly $186 billion from $155 billion in 2024, while TikTok and ByteDance are hiring for financial-services roles in the U.S. and abroad. With roughly 2 billion monthly active users, TikTok would join platforms such as X in trying to embed money movement and other finance tools into social apps if the feature is launched.

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