Australian business-only challenger bank Tyro has integrated with mobile payments giant Alipay.
This partnership makes Tyro the first Australian bank to provide an all-in-one EFTPOS solution through Alipay. The deal will improve Australian businesses access to the Chinese visitor market.
Tyro is working with a number of merchants to establish the best pilot sites for the launch of this new service – a test expected to be released by the end of 2018. The platform will be made available to its remaining clients by the second quarter of 2019.
Alipay is a Chinese online payment provider and is the primary means of online and mobile payment for Chinese consumers. Alipay’s services are used by 870 million-plus users in China and overseas. The company already partners with more than 10,000 businesses in New Zealand and Australia to support the China tourist industry.
It’s not just Australasia Alipay is expanding into, having completed a number of partnerships with businesses in North America this year. The company has teamed up with FreedomPay, Motion Pay, and Openpay to support Chinese tourists payment methods in the US, Canada, and Mexico.
Earlier in the year, Alipay’s parent company Ant Financial raised $14bn in its Series C funding round.
Alipay ANZ country manager George Lawson said, “Banks are pivotal to Alipay’s expansion in Australia as it allows us to switch on our technology for thousands of merchants simultaneously through their existing payment terminals.
“Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market so it’s pleasing to see Tyro take the lead on this and give their merchants access to new customers and incremental revenues.â€
Tyro is a business-only digital bank in Australia which currently serves over 20,000 businesses. Its services include credit, debit and EFTPOS card acquiring, Medicare and private health fund claiming and rebating services, and an interest-bearing transaction and deposit account offering integration with Xero accounting software.
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