Both Democratic and Republican lawmakers have in recent months called for stricter regulation and inquiry. According to analytics firm data.ai, which produced the 16tn estimate, there are 112 million TikTok iPhone and Android users in the US. The US Committee on Foreign Investment, which scrutinises business deals with non-US companies, is also conducting a security review of TikTok. Trump’s successor, Joe Biden, revoked the orders and instead directed the US commerce department to work with other agencies to produce recommendations to protect the data of people in the US from foreign adversaries. The orders were never enforced due to legal challenges and then Trump leaving office. This, the order claimed, paves the way for China to track the locations of government employees, build dossiers for blackmail and conduct corporate espionage. This data collection threatens to allow the Chinese Communist party access to Americans’ personal and proprietary information.” The order issued on 6 August 2020 stated: “TikTok automatically captures vast swaths of information from its users, including Internet and other network activity information such as location data and browsing and search histories. In the US, Donald Trump in August 2020 signed an executive order that blocked people from downloading the app, which was followed by an order for TikTok to sell its US business. The distrust has already been expressed in scrutiny from regulators and politicians around the world, worried about the amount of data TikTok collects and whether Chinese authorities have access to it. “As the geopolitical situation changes I suspect we will see companies such as TikTok will continue to be treated with some caution in the west,” says Alan Woodward, a professor of cybersecurity at Surrey University. WeChat paid 53 million yuan ($8.2 million) to be the exclusive interactive platform for the event in 2015 while Alipay paid 268.8 million in 2016, according to Yicai Global.Owned by the Chinese company ByteDance, TikTok’s success – more than 1 billion users worldwide – is combining with well-established fears about social media’s data collection practices and concerns over China’s geo-political ambitions to generate a background hum of distrust about the app. Obtaining third-party payment business licenses through acquisition has become common practice among Chinese internet giants since the central bank stopped issuing new ones indefinitely in 2016.Īccording to Chinese business news outlet LatePost, Douyin won the rights to be the exclusive “red packet” partner of China Central Television’s (CCTV) Spring Festival Gala this year, a massive advertising opportunity highly contested among tech companies due to the wide viewership of the program. Tencent -backed on-demand services company Meituan and Didi have both rolled out microloan services. Online deals giant Pinduoduo unveiled its Duoduo Wallet payment app in December while ride-hailing firm Didi launched Didi Pay in July, an e-payment platform that can be used for the company’s services including ride and taxi hailing, bike sharing, and public transportation. It has also been hiring globally, and notably in Singapore, for a team to build cross-border payments solutions. (Source: Min.news)īeijing-based ByteDance acquired Chinese third-party payment service UIPay’s operator, Wuhan Hezhong Yibao Technology Co, in September 2020. The platform continues to offer payment options from Alipay and WeChat Pay. Users are now able to select the Douyin Pay option on the short-video app. It also continues to offer payment options from Ant Group’s Alipay and Tencent ’s WeChat Pay.īyteDance, together with Bilibili, Meituan, Pinduoduo and Didi, are the latest companies to vie for a share of China’s payments sector which is currently dominated by Alipay and WeChat Pay, amid the Chinese government’s crackdown on monopoly practices in the country’s internet sector.Īlipay and WeChat Pay account for more than 90% of the mobile payments market in China, according to iResearch. The new payment service allows users to link their accounts to a number of lenders including Bank of China, China Construction Bank and Agricultural Bank of China to make purchases within the app, which has 600 million daily active users. SEE ALSO: ByteDance’s Douyin Releases 2020 White Paper on Travel Vloggers The establishment of Douyin Pay “is to supplement the existing major payment options, and to ultimately enhance the user experience on Douyin,” the company told Pandaily on Wednesday. Chinese company ByteDance has launched an in-app payment service in its short video platform Douyin, the Chinese version of TikTok, as the company ramps up effort to expand its business into the domestic mobile payments market.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |