Meituan-Dianping buys payments startup Qiandai

Chinese group deals and online-to-offline (O2O) platform Meituan-Dianping has acquired payments startup Qiandai.

The price paid for the mobile point-of-sale (POS) company is undisclosed. It last raised funding in 2014 from Haitong Securities and IDG-backed RMB fund Harmony Growth.

The deal will allow Meituan-Dianping to offer payment solutions such as mobile, online and card payments to the SMEs who’s services it offers deals for through its O2O platform.

It will also reduce its dependency on third-party payments processor such as Alipay and WeChat Payment allowing it to bring the entire process in house.

Meituan-Dianping was formed in October 2015 through a merger between the two rival daily deal and group buying sites and has raised more than $4.3bn in funding to date.

Copyright © 2016 FINTECH GLOBAL

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