Trip.com has been granted a third-party payment license from the People's Bank of China, the country's largest online travel agency said in an announcement on Sunday.

The third-party payment license will be obtained through a 100 percent acquisition of Shanghai Oriental Information Technology Services Co Ltd. Established in 2011, Shanghai Oriental Information Technology Services is a State-owned enterprise affiliated to the Shanghai Municipal Publicity Ministry. It was granted the third-party payment license by the PBOC in 2012.

According to Trip.com, the acquisition of Shanghai Oriental Information Technology Services will help make payment more convenient in the tourism industry and explore more application scenarios. The ultimate goal is to make finance better serve the real economy and inject more vitality into the tourism industry, which has been hit hard by the COVID-19 epidemic.

Industry insiders said Trip.com has removed another major hurdle for its development by obtaining a third-party payment license. The company's recovery in its prime business will thus be accelerated as the situation for China's tourism industry continues to improve.

Shanghai Oriental Information Technology Services was quoted in the announcement as saying the cooperation with Trip.com is a best example of SOE reform, which helps to revive market resources. The company will also avail this opportunity to tap into the tourism industry, it said.