ISLAMABAD: TikTok may be preparing a new feature that would allow users to send money directly to one another through private chats, potentially expanding the platform’s role beyond social media and online shopping.
According to media reports, the new payment feature could be based on the use of TikTok Pay, the company’s payment service that works with TikTok Shop transactions in some areas of Southeast Asia.
Some information about this proposed payment feature has been found in the hidden code of the new version of TikTok for iPhones in the US. According to the code, recipients could receive money through the “tap to accept” button while users could send messages along with the transferred money.
In its operation, the new system could be similar to peer-to-peer payment systems like Venmo and Zelle since it allows users to send and receive money without switching to another application.
Nevertheless, the payment feature was not officially announced by TikTok so far. As reported by Bloomberg, TikTok stated that it did not conduct tests of the money transfer service and gave no information about possible time of its implementation.
TikTok has recently been trying to find possibilities for work in the financial services sector. This year, the company was reported to apply for the opportunity to provide lending and payment services as a fintech firm in Brazil.
In case the new feature would be implemented, it would mean that TikTok would turn into something more than just a video sharing and shopping platform due to the possibility of transferring money.
The new development would make TikTok closer to the existing digital payment providers. However, this is just another step in the trend among social media platforms to develop financial features for their apps. For instance, the recently renamed Twitter’s X Money is also developing a similar function.
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