Shulou(Shulou.com)11/24 Report--

Thank CTOnews.com netizens Mengyu Qianyu for the clue delivery! CTOnews.com, January 8 (Xinhua) according to Forbes, JPMorgan Chase is working with byte jump to help develop payment technology, or pave the way for TikTok's payment channel.

According to JPMorgan's website, the bank has established a "real-time payment infrastructure" for byte jumps and now allows its users to "pay directly to their bank accounts at any time". The JPMorgan technology, launched in the United States and Europe, now "covers about 1/5 of TikTok's 1 billion active users worldwide."

According to the report, byte jump will hire JPMorgan Chase to simplify transactions, improve the way payments are sent and received, and establish a centralized bank account for more than a dozen products with byte jump, including TikTok and Douyin. In addition, byte jump has hired several JPMorgan executives to lead its global payments team and advance its financial business.

Glenn Gestor, former general counsel of the US National Security Agency, said that on the face of it, there was no problem with JPMorgan providing "financial channels" for byte jumps. But he also pointed out that this could be a potentially dangerous slope for byte jumps, given that China already has Alibaba's Alipay and Tencent Tenpay, which is bound to Wechat. In his view, JPMorgan's partnership with byte jump "is not a black-and-white issue, it is a path along the gray continuum".

JPMorgan didn't respond to a request for comment, while Byte Jump spokesman Jennifer Banks said only that its global payments team was "an internal function that supports our business needs" and that "it is committed to ensuring that third parties, including partners and suppliers, are paid for their work."

CTOnews.com looked at data previously released by Sensor Tower, a data analysis company, and found that global users spent about $3.4 billion on TikTok in 2022, up from $2 billion last year. It is worth mentioning that this figure has more than tripled in the United States alone, to at least $670 million.

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