The partnership makes Tyro the first Australian bank to integrate with the China-based mobile and online payment platform, making it easier for Tyro’s merchants to reach Chinese consumers visiting and transacting in Australia and New Zealand.
A division of Alibaba Group’s Ant Financial, Alipay has more than 870 million active users in China and overseas. In Australia and New Zealand, Alipay is already partnered with more than 10,000 businesses.
This integration will provide Tyro merchants with an all-in-one, EFTPOS with integrated Alipay acceptance. Initial pilots are scheduled for the end of this year with selected merchants. Tyro expects to extend the service to the rest of its more than 20,000 business customers starting in the second quarter of 2019.
Earlier this year, Tyro previewed its new API platform that helps integrate multiple apps and POS systems into a single solution. In March 2018, the challenger bank launched its Tap & Save solution, which enables merchants to process debit tap-and-go payments via Tyro’s EFTPOS network.
Tyro has raised more than USD 103 million in funding. The company’s investors include TDM Asset Management and Tiger Global Management.
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