Tencent Holdings Ltd. (NYSE:TME) has agreed to a new payment arrangement with Apple Inc. (NASDAQ:AAPL) that will allow Apple to handle transactions and collect a 15% commission on spending inside WeChat mini games and mini apps, Bloomberg reported Thursday.
The agreement brings an end to more than a year of discussions between the two tech giants and gives Apple a fresh revenue opportunity, while reducing ongoing regulatory and commercial pressure for Tencent.
Apple had been seeking tighter controls over workarounds used by some developers, who steered users to outside payment channels and avoided Apple’s standard 30% in-app purchase fee.
Under the revised framework, developers will need to meet specific Apple software criteria to participate. One of these requirements is aimed at enabling parents to share their child’s age range.
The 15% fee Apple will collect is half of the usual 30% commission the company charges for many in-app transactions.