"(Bloomberg/Pei Li) Tencent Holdings Ltd. has struck a deal with Apple Inc. that will see the iPhone maker handle payments and take a 15% cut of purchases in WeChat mini games and apps, resolving a high-profile dispute that's dogged the world's largest smartphone arena. The agreement is part of a new Apple program introduced on Thursday that will be open to all mini app providers."
"The agreed-upon rate is far lower than the iPhone's typical 30% commission, but opens a new revenue stream for Apple and takes pressure off Tencent, which operates the WeChat app at the center of most Chinese people's lives. Apple had earlier demanded Tencent close loopholes that app creators employed to funnel users to external payment systems, circumventing the iPhone framework. WeChat will adopt the new system as soon as possible, Tencent said in its own statement confirming the pact reported by Bloomberg News earlier."
Apple will handle payments for purchases in WeChat mini games and apps and will take a 15% commission under a new program open to all mini app providers. Developers must meet Apple software requirements, including a feature to help parents share their child's age range. The 15% rate is lower than Apple's typical 30% commission, creating a new revenue stream for Apple while relieving pressure on Tencent. Apple previously sought closure of loopholes that funneled users to external payment systems. Tencent said WeChat will adopt the new system as soon as possible, and Tencent President Martin Lau characterized relations with Apple as very good.
Read at www.mercurynews.com
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