TikTok may introduce money transfer system

TikTok is exploring the possibility of launching a money transfer feature that would allow users to send funds to one another directly within the app, according to Bloomberg, cited by Report.

The new feature could be developed using TikTok Pay technology, which currently operates exclusively in Vietnam, Malaysia and Thailand and is intended only for purchasing goods through TikTok Shop.

The launch of such a tool would allow TikTok to keep users within its ecosystem and generate additional revenue from transactions, Bloomberg notes.

The report also highlights that users have spent more than $2.9 billion through TikTok services so far this year.