Tencent and Apple reach 15% fee deal for WeChat mini apps

Investing.com -- Tencent Holdings Ltd. has reached an agreement with Apple Inc. that will allow the iPhone maker to process payments and collect a 15% commission on purchases made in WeChat mini games and apps, Bloomberg reported Thursday.

The deal resolves negotiations that had been ongoing between the two technology companies for more than a year. This new arrangement creates an additional revenue stream for Apple while easing pressure on Tencent.

Apple had been pushing Tencent to eliminate loopholes that allowed app developers to direct users to external payment systems, which bypassed Apple’s standard 30% commission on in-app purchases.

Under the new agreement, developers will need to comply with certain Apple software requirements to qualify. One such requirement helps parents share their child’s age range.

The 15% commission rate Apple will collect represents half of the 30% fee it typically charges many developers for in-app purchases.

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