🕶 TikTok explores the possibility of introducing P2P payments in direct messages as part of its expansion into the financial market

🕶 TikTok explores the possibility of introducing P2P payments in direct messages as part of its expansion into the financial market

The analysis is being conducted discreetly, and the potential development was identified through code analysis of the application.

💎 The feature is a potential functionality identified through code analysis of the U.S. version of the app.

💎 The payment mechanism would be similar to Venmo, allowing users to receive payments with a single tap and attach a message to the transaction.

💎 TikTok stated that the feature is not currently being tested. At this stage, there is no confirmation that it will ultimately be implemented.

➡️ In March of this year, TikTok applied in Brazil 🇧🇷 for a license to operate as a fintech and obtained it. The company is now seeking authorization to provide purchase financing and has launched a product called TikTok Parcelado, which allows payments to be divided into 12 installments. For now, the credit is provided by licensed bank QI Sociedade de Crédito Direto, while Pipo Brasil, part of the ByteDance ecosystem, acts as an intermediary and develops the credit offering.

➡️ In other words, adding P2P payments would expand TikTok's financial capabilities, alongside its existing functions as a social network, search engine, gaming platform, booking service and other services. With the addition of P2Pfunctionality, TikTok could compete with popular services in the United States🇺🇸 such as Venmo and Zelle.

➡️ Context: TikTok is not the only social network developing or considering internal money-transfer systems. WeChat, Telegram, Meta, X, and Russia's🇷🇺 VK social network already have or are developing their own P2P systems.

The potential introduction of P2P payments would further expand TikTok's ecosystem beyond social media and into financial services.

#news #Brazil #USA #p2p

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