TikTok is developing a function of handing over funds via private mail. According to Bloomberg, the relevant code had appeared in the U.S. iPhone application of TikTok, showing that this function was still at an early stage.
Function Details
If online, the payee can click to receive payment and the payer can attach a message. The report compared it to the way in which Venmo was used, suggesting that TikTok might wish to place social interaction and payment actions in the same scene.
Extension of payment operations
This feature is expected to use TikTok Pay. The service is currently used in South-East Asia for TikTok Shop shopping payments. TikTok indicated to Bloomberg that this function had not yet entered the testing stage, meaning that the public launch time was still unclear.
Early financial attempts
This is not TikTok's first attempt to enter the financial services sector. Reuters reported earlier this year that TikTok had applied to the Central Bank of Brazil for approval to provide loans and payment services as a financial technology company.