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Trump's WeChat ban endangers US businesses in China
Trump banning TikTok, WeChat was ‘exactly the right move’: Gordon Chang
‘The Great U.S.-China Tech War’ author Gordon Chang says TikTok was misusing customer data and trying to manipulate American’s political opinions, which is why he believes President Trump’s executive order banning the social-media platform was well advised.
With time running out for Bytedance Inc. to sell social media app TikTok's U.S operations or have them shut down, American firms operating in China are focusing on a potentially far more devastating ban targeting mobile-payment app WeChat.
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“Think of the U.S. society if you suddenly eliminated credit cards,” said Viktor Shvets, managing director at Macquarie Securities in Hong Kong.
Mobile payments have become engrained in Chinese society, where credit cards never really caught on. An estimated 83% of all payments in China in 2018 were made via mobile phone apps. About 92% of the business is split between WeChat, owned by Tecent Holdings, and Alibaba’s Alipay.