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Tyro, PayPal deal benefits SMEs

Tyro, PayPal deal benefits SMEs Featured

EFTPOS provider Tyro says half a million Australian small and medium sized businesses can now accept mobile payments in-store from millions of PayPal users through its new partnership with the global payments giant.

In what Tyro CEO Jost Stollman describes as an “historic partnership”, more than 500,000 SMEs will now be able to accept mobile payments in-store from up to 5.5 million active Australian PayPal users.

Called Tyro Mobile, the new payment solution gives SMEs the capability to meet what Stollman says is “exploding consumer demand for mobile payment facilities via the PayPal Australia consumer app”.

“Australians increasingly want to pay for purchases quickly and conveniently and Tyro’s partnership means those with the PayPal app can now use their smart phones to do so in a second,” Stollmann said.

“Studies have shown that 61% of Australians are keen to pay with their mobile in a store but only a third (36%) of Australian merchants accepts mobile payments.

“We champion small and medium sized merchants and our technology gives them the ability to compete with big players in their markets, like Coles and McDonalds, and to become more appealing to consumer needs.”

According to Stollman, with more than 5.5 million active PayPal account holders already in Australia, a large portion of who regularly use the PayPal app, “the uptake of Tyro Mobile by merchants had enormous potential”.

And, PayPal Australia director of SMB, Emma Hunt, says the operating system for digital payments and partnerships like the one with Tyro Mobile allow PayPal to extend its “offering to Australian businesses of all sizes.”

“We’ve seen widespread acceptance of our consumer app amongst our more than 5.5 million active Australian users and are excited that Tyro Mobile’s merchants can now connect with our customers by facilitating PayPal payments in-store.”

Research cited by PayPal and Tyro shows a higher consumer desire for mobile payments, and shows Australian smartphone users’ top reasons to pay with their mobiles in store are:

•    ‘It’s a convenient way to pay’ (32%)

•    ‘It’s a fast way to pay’ (27%)

•    ‘I do not need to carry or pull out a physical wallet, when my details are stored’ (22%) and

•    ‘It’s easier than paying by cash or card’ (19%)3.

According to Tyro Co-Founder and VP Sales, Andrew Rothwell, Tyro Mobile means Tyro’s merchants are ready to accept mobile payments made from digital wallets “like PayPal today and from other payment types in the future such as Samsung Pay”.

“Because we are a technology leader, Tyro’s merchants are confident they’ll be ready for digital wallets and other mobile-based payment types when they reach these shores.”

The PayPal App allows customers to search for local stores, check in and pay at the counter with a swipe of the finger, and includes other features including balance tracking, and P2P money transfers.  It is available on Apple and Android devices.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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