Business-only bank Tyro in deal with China’s Alipay
Australian business-only bank Tyro has entered into an agreement with the world’s largest online payment platform, Alipay, to become the first Australian bank to offer an all-in-one Eftpos solution with the Chinese outfit.
The partnership, which will be live from the second quarter of 2019, is designed to improve Australian business access to the Chinese visitor market.
“Based on requests from several of our merchants to accept Alipay, Tyro and Alipay entered discussions to explore the best way we could work together,” Tyro CEO Robbie Cooke told The Australian. “With Tyro’s in-house engineering team, we were able to deliver Alipay in an agile way which allows for rapid market delivery.”
Mr Cooke said the tie-up with Chinese tech giant Alibaba gave Tyro insights into new payment behaviours and the types of innovations happening in China.
“This allows us to explore how these trends might take shape in Australia,” he said. “It is also a fantastic opportunity for our business customers to benefit from this partnership so they can reach out into the Chinese market, if that fits in with their expansion strategy.”
George Lawson, ANZ country manager at Alipay, said banks were pivotal to Alipay’s expansion in Australia, given they allowed Alipay to switch on its technology for thousands of merchants simultaneously through their existing payment terminals.
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