Tyro, the Australian business-only bank, has partnered with the largest online payment service in the world, Alipay.
The deal will see Tyro become the first bank in Australia to offer the all-in-one EFTPOS solution with Alipay.
The partnership is also expected to expand Chinese visitor access for businesses in Australia.
“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” stated Robbie Cooke, CEO of Tyro.
“It sees Tyro continue to challenge the status quo, being the first Australian bank to give its merchants the opportunity to seamlessly integrate with Alipay, enabling them to better serve Chinese tourists and giving customers more choice in how they want to pay.”
The Australian bank is working with merchants to determine pilot sites with the aim of launching by the end of the year and offering the service to more than 20,000 businesses in 2019.
“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,” remarked George Lawson, ANZ Country Manager at Alipay.
“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.”