This is big news for 500,000 Australian businesses.
Online payment service PayPal has partnered with Tyro Payments that could offer small to medium businesses the ability to accept mobile payments in-store from an estimated 5.5 million Australian users.
Tyro Mobile will aim to allow these smaller businesses to meet increasing consumer demand for mobile payment services.
Tyro CEO Jost Stollman believes it's time for independent businesses to tap into the burgeoning digital market.
“Studies have shown that 61 per cent of Australians are keen to pay with their mobile in a store but only a third (36 per cent) of Australian merchants accept mobile payments.
“We champion small and medium sized merchants and our technology gives them the ability to compete with big players in their markets, like Coles and McDonalds, and to become more appealing to consumer needs.”
PayPal Australia director of SMB Australia Emma Hunt said that the partnership will allow the company to extend its reach to Australian merchants.
“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.”
The partnership follows research on Australian consumers mobile spending activity.
According to the research, Australians have listed their top reasons for using mobile apps such as PayPal:
‘It’s a convenient way to pay’ (32 per cent)
‘It’s a fast way to pay’ (27 per cent)
‘I do not need to carry or pull out a physical wallet, when my details are stored’ (22 per cent) and
‘It’s easier than paying by cash or card’ (19 per cent)
Tyro Mobile currently has future plans to accept further types of mobile payment platforms such as Samsung Pay.