(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. To qualify, developers need to sign up to certain Apple software requirements, such as one to help parents share their child’s age range.

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 loophole

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