After the US government decided to ban WeChat, some US companies began to worry about the risks they faced.
The British “Daily Telegraph” reported that given the popularity of WeChat Pay in China, US corporate giants including Starbucks, KFC, Disney and McDonald’s are now facing a question whether this move by the US White House will hinder their business in China .
According to reports, Tencent’s WeChat Pay is used by hundreds of millions of Chinese consumers as a substitute for bank cards or cash. Users can use WeChat QR codes to pay in stores or transfer money to friends, and they can also use its technology to make online payments.
Banning US companies from using this app may put technology companies such as Apple at risk of losing a large number of customers. Some experts say the ban may mean that the smartphone manufacturer will be required to remove WeChat and WeChat Pay from the iOS store .
According to reports, Apple’s revenue in China exceeded US$13 billion last year, but many consumers use WeChat as their main communication and payment method, so they may give up buying Apple iPhones without WeChat. However, the scope of the White House’s executive order has not yet been clear.
Naijatechnews.com reported that on the evening of August 7th, Tencent Holdings issued a clarification announcement on the Hong Kong Stock Exchange : We noticed that the President of the United States of America issued an executive order on August 6, 2020 to prohibit connection with our WeChat application Certain transactions that are subject to the jurisdiction of the United States. The company is reviewing the potential consequences of the administrative order in order to fully understand its impact on the group. The company will issue further announcements in due course.
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