Alipay is a leading mobile and online payment platform and with over 870 million users in China; it has evolved to be a number one payment method in China.
The partnership will see Tyro offer Alipay to 20,000+ businesses from the second quarter of 2019 and is currently working with several merchants to determine pilot sites for launching.
The partnership will make Tyro the first Australian bank offering an all-in-one EFTPOS with integrated Alipay acceptance with its merchants.
CEO of Tyro Robbie Cooke said the deal was a good one for Australia as it would allow them to capture a mass market.
“This is an exciting initiative for businesses in Australia, especially for those in the retail and hospitality sectors,” said Mr Cooke.
Recent data from Nielsen indicated that 90 per cent of Chinese tourists would spend more if Alipay were an accepted payment method; it is that market that Tyro is hoping to capture with their integration, said Mr Cooke.
“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.”
Alipay’s ANZ country Manager George Lawson said that banks like Tyro were essential to Alipay’s growth.
“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,” he said.
Mr Lawson said that businesses wanted to capture the 1.4 million Chinese tourists that inject $10.4 billion into the economy each year.
“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.”
Eliot Hastie is a journalist on the wealth titles at Momentum Media.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).