Meituan-Dianping Acquires Third-Party Payment Solution Provider QiandaiPay
iFeng Finance, 9/26/16
Meituan-Dianping, the company formed by the merger of Chinese group buy site Meituan.com and online ratings and group buy site Dianping, recently announced that it had completed its acquisition of Qiandai (Beijing) Information Technology, operator of internet payment solution QiandaiPay. The acquisition now gives Meituan-Dianping a license to provide third-party payment services.
Qiandai, established in November 2008, mainly provides comprehensive payment solutions for small business users. The scope of Qiandai's payment license includes online payments, mobile phone payments, and bank card orders.
Mu Rongjun, a senior vice president at Meituan-Dianping, said that acquiring a third-party payments license will help the company provide safer and more convenient services to individuals and business users. Mu said that in the future, Meituan-Dianping will continue to partner with banking institutions and other payment organizations.
As reported earlier, Meituan was previously reported to authorities for operating a mobile quick-checkout payment service without the required third-party payment license.
Editor's Note: For more information on this topic, please see "Rumor: Central Bank Orders Meituan to Halt Mobile Quick-checkout Payment," MD 6/16/16 issue.
Keywords: Internet license third-party payment Qiandai online ratings QiandaiPay Meituan-Dianping e-payment M&A group buying online payment food O2O
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