Australian challenger bank Tyro ties up with Alipay
Australian business-only challenger bank Tyro has teamed up with mobile and online payment platform Alipay.
Lots of stats in this one
According to Tyro, it has become the first Australian bank to offer an all-in-one Eftpos solution with Alipay. The aim is to “improve Australian businesses’ access to the Chinese visitor market”.
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 Q2 2019.
Robbie Cooke, CEO of Tyro, says: “This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors.”
Operated by Alibaba Group’s affiliate Ant Financial, Alipay has over 870 million active users in China and overseas. Alipay seems to enjoy partnering with almost everyone – judging from the number of stories about them.
In Australia and New Zealand, Alipay now partners with over 10,000 businesses.
Tyro is keen to play up the stats to support this deal.
It says in the year ending February 2018, almost 1.4 million Chinese tourists visited Australia, injecting AU$10.4 billion ($7.5 billion) into the economy (in the year ending December 2017).
According to Tourism Australia, this is predicted to rise to AU$13 billion ($9.4 billion) by 2020.
Data from Nielsen has also indicated that 65% of Chinese tourists use mobile payment platforms during their overseas travels, six times more than non-Chinese tourists (11%).
OK… we get it Tyro. You think it’s a good deal.
Sydney-based Tyro has been around since 2001 – but it’s got itself a place on our Australian challenger bank list.
