Reinforcing the strategy to accept all payment types in response to merchant needs. Tyro, Australia’s business-only bank, today announced it had entered an agreement with the world’s largest mobile and online payment platform, Alipay, to become the first Australian bank to offer a seamless, all-in-one EFTPOS solution with Alipay for Tyro’s merchants and to improve Australian businesses transactions.
Tyro is currently working with several merchants to determine appropriate pilot sites for launch by the end of 2018. Tyro will offer Alipay to its other eligible 20,000+ businesses from second quarter 2019.
The Alipay integration continues Tyro’s strategy of enabling its merchants to accept all payment types, letting their customers choose the way they want to pay.
Alongside Australia and New Zealand, Alipay now partners with over 10,000 businesses. Tyro will be the first Australian bank offering all-in-one EFTPOS with integrated Alipay acceptance with its merchants.
In the year ending February 2018, almost 1.4 million Chinese tourists visited Australia, injecting AU$10.4 billion into the economy in 2017. This is predicted to rise to AU$13 billion by 2020.
Data from Nielsen has indicated that 65% of Chinese tourists use mobile payment platforms during their overseas travels, six times more than non-Chinese tourists (11%).
Tyro is further diversifying its offering and responding to merchant needs by introducing initiatives that attract more revenue to benefit their business. The Alipay integration is part of a wider scope from Tyro to offer alternative payments, as part of its existing award-winning EFTPOS and banking-specific products.
An Australian bank completely dedicated to business banking, Tyro is at the forefront of banking and payment innovation and strongly supports its customers by designing innovative products and a better experience, so they can succeed.
Tyro is an Australian Bank and operates under the supervision of the Australian Prudential Regulation Authority (APRA). Tyro currently serves more than 20,000 businesses with its own in-house, cloud-based mobile core banking platform. http://www.tyro.com/