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.

Early Friday, a crowd of people lined up outside Apple Inc.’s SoHo location in New York to be among the first to get their hands on a new, limited-edition product: an up to $230 iPhone pouch the company said is “inspired by the concept of a piece of cloth.