Tyro Payments has today announced Tyro Mobile, a partnership with PayPal that will see small businesses able to accept mobile payments from PayPal users in store.
Jost Stollmann, Tyro CEO, said that the partnership will allow SMBs to compete with the big players in their markets by helping them satisfy consumer needs – a recent survey from Telstra found that over 60 percent of Australians are happy to use mobile payments in stores.
“Australians increasingly want to pay for purchases quickly and conveniently and Tyro’s partnership means those with the PayPal app can now use their smartphones to do so in a second,” Stollmann said.
The PayPal app lets customers search for local businesses that accept mobile payments, and then check in to the store and pay at the counter, all through the app.
Emma Hunt, director of SMB at PayPal Australia, added, “PayPal is the operating system for digital payments and partnerships like this one with Tyro Mobile allow us to extend our 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.”
Tyro stated that Tyro Mobile also means its merchants will be ready to accept mobile payments from other digital wallets, like Samsung Pay, in future.
With a survey of over 500 SMB/SME owners and managers commissioned by PayPal last year finding that 57 percent believe mobile payments will be a larger proportion of their business within five years, early adoption is key.
Six in ten also agreed that cash-only businesses will soon be a thing of the past (though, of course, people have been saying that for years and cash-only businesses are still around now, in 2015).
The partnership with PayPal comes just a few months after Tyro opened a coworking space for FinTech startups in its Sydney offices.