Apple, Tencent agree to 15% fee on WeChat mini game purchases: Bloomberg

The news: Tencent Holdings has agreed to allow Apple to handle payments and take a 15% cut of purchases made in WeChat mini games and apps, according to sources cited by Bloomberg.

The context: The deal has been negotiated by the two firms for over a year and opens a new source of revenue for the iPhone maker. Apple had been demanding that Tencent close loopholes used by app makers to push users to external payment systems – circumventing Apple’s usual 30% commission.

Developers will need to sign up to Apple software requirements in order to qualify, sources told Bloomberg.

While the 15% fee is less that Apple’s usual charge, the agreement will help the tech giant access the Chinese entertainment sector. Mini games, which is entirely within WeChat, is now used by 1.41 billion people every month and contributed to 32.3 billion yuan ($6.92 billion) in social network revenue in the September quarter.