Internet lifestyle service and group buying platform Meituan Dianping announced that they have completed the acquisition of Qiandai.com, a third-party payment company in China.

With this acquisition, Meituan Dianping will gain a coveted third-party payment license.

Qiandai.com is one of the first companies to have gained a third-party payment license issued by the People's Bank of China and the company has been focusing on the payment businesses. Since its establishment in November 2008, Qiandai.com has provided comprehensive payment solutions to small and micro vendor customers with advanced technical concepts and quality product services. Its payment license covers Internet payment, mobile payment, and bank card collection businesses. The company has formed important partnerships with various commercial banks.

Mu Rongjun, senior vice president of Meituan Dianping, said that with the third-party payment license, Meituan Dianping will be able to provide more secure and convenient services to users and vendors. In the future, the company will continue to cooperate with banks, financial organizations, and payment organizations to offer more diversified options to users.