![]() ![]() The companies would probably have to pay standard fees and future tax revenue, but not a chunk of the sale price. So they pay what's called key money, or they pay something."īut there is no clear avenue for the government to collect a portion of the sale. "The United States should be reimbursed or paid because without the United States they don't have anything." The president added: "It's a little bit like the landlord-tenant. ![]() "A very substantial portion of that price is going to have to come into the treasury of the United States," Trump said of the potential TikTok sale. TikTok fans have been urging followers to find them on other social media sites as they fear a ban. TikTok has 100 million users in the United States and is especially popular with teenagers and young adults. WeChat parent company Tencent also owns a minority stake in the maker of popular video game Fortnite, but it seems the game is not included within the scope of the order, which relates specifically to WeChat. It is unclear whether the order would prohibit people from sending messages or making payments using the service. But it's also been adopted by Chinese officials as a useful surveillance tool, with growing numbers of people prosecuted for sharing politically sensitive content in chat groups. It's one of China's most innovative Internet products to date, with Facebook adopting similar features years later in its Messenger app. WeChat is used universally in China for messaging and mobile payments, and widely used for other functions ranging from Web search to taxi hailing. WeChat did not immediately respond to a request for comment. Microsoft spokesman Doug Dawson declined to comment. "This data collection threatens to allow the Chinese Communist Party access to Americans' personal and proprietary information - potentially allowing China to track the locations of Federal employees and contractors, build dossiers of personal information for blackmail, and conduct corporate espionage," the TikTok order reads. But Trump has continued targeting the company over the past week by threatening to ban it and finally seemingly agreeing to let Microsoft buy it, if a deal closes quickly. customer information in the United States. TikTok has continually denied that and says it stores U.S. Trump and other officials have expressed concern that data collected by TikTok could be shared with the Chinese government. Trump had earlier threatened to ban TikTok from the United States, citing national security concerns and suggesting it would be retaliation for what he sees as China's role in the spread of the novel coronavirus. The orders signal increasing tensions in U.S.-China relations in the run-up to the November elections. firm manages to buy TikTok before the 45 days are up. companies to purchase advertising on TikTok.īut the order should not affect a deal if Microsoft or another U.S. While the nature of the banned transactions are not specific, it may mean the companies would not be able to appear on Apple's App Store or Google's Play Store in the United States. company or person from transacting with ByteDance, TikTok's Chinese parent company, or WeChat. The orders take effect in 45 days and prohibit any U.S. And the move comes at a time when e-commerce, and livestreaming e-commerce in particular, is booming in China, and regulators are looking to introduce stricter supervision of financial services offered online.President Donald Trump issued two executive orders late Thursday against China-based TikTok and messaging app WeChat, citing national security concerns in a sweeping order that could prevent the companies from doing most business in the United States. Unlike AliPay and WeChat Pay, which can be used within apps but also at physical stores, Douyin Pay will only be available in-app.ĭouyin Pay marks a further drive by ByteDance into areas beyond social in China, such as fintech and e-commerce.Between them, AliPay and WeChat Pay handle over 90% of China’s online payments, according to market research firm iResearch.Douyin Pay can be used to make purchases within the short-video app, which already offers payment through the e-wallet market leaders, Alibaba’s AliPay, and TenCent’s WeChat Pay.The payment service is being offered to the 600 million monthly users of Douyin, the Chinese version of TikTok. TikTok owner ByteDance has launched a new payment tool as it expands its e-commerce business and takes on the two market leaders in China’s mobile payment sector. ![]()
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