TikTok is developing a feature that could let users send money through direct messages using TikTok Pay, according to code found in the current US iPhone app.

TikTok said the feature is not being tested, suggesting it remains in early development.

TikTok Pay is already used in Southeast Asia for TikTok Shop purchases. In the US, TikTok Shop supports cards, PayPal, Apple Pay, Google Pay, and Klarna Pay in 4, and also handles refunds and stored payment details.

A US peer-to-peer payments launch could bring additional regulatory hurdles. Moving money for users typically requires compliance with federal anti-money laundering rules and state money-transmitter licensing, unless a company partners with a licensed provider.

In March, TikTok applied for a financial technology license in Brazil to offer lending and payments.

If launched, the US feature would compete with apps such as Venmo and Zelle. X has also been rolling out X Money in the US.

🔗 Source: TechCrunch

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