Fintech Firm Tyro Offers Tap to Pay on iPhone for Clients to Accept Contactless Payments

Tyro Payments is pleased to announce that its customers in Australia are now able to accept in-person contactless payments seamlessly and securely with Apple’s Tap to Pay on iPhone contactless payment acceptance technology using the new Tyro BYO App, starting now.

Tap to Pay on iPhone “accepts contactless payments, including Apple Pay, contactless credit and debit cards and other digital wallets, using only an iPhone and the Tyro BYO App — no additional hardware or payments terminal needed.”

At checkout, the merchant “will simply prompt the customer to hold their iPhone or Apple Watch to pay with Apple Pay, their contactless credit or debit card, or other digital wallet near the merchant’s iPhone, and the payment will be securely completed using NFC technology.”

Tap to Pay on iPhone also “supports PIN entry, which includes accessibility options.” Apple’s Tap to Pay on iPhone technology also “uses the built-in features of iPhone to keep businesses’ and customers’ data private and secure.”

When a payment is processed, Apple claims it “doesn’t store card numbers on the device or on Apple servers.”

Tyro CEO Jon Davey said:

“Tap to Pay on iPhone is a fantastic simple and secure way for new or existing Tyro customers to accept payments using only their iPhone, anytime, anywhere – without the need for additional hardware. We are excited to provide this new offering to our customers, providing greater flexibility when staff are working on-site or on the move. It couldn’t be simpler. Just download the Tyro BYO App to start accepting customer payments on your iPhone in minutes.”

Tap to Pay on iPhone enables Tyro customers “to use a contactless payment acceptance solution that is easy to set up and use.”

Merchants will be able “to unlock contactless payment acceptance through the Tyro BYO App on an iPhone XS or later running iOS 16.4 or later in two quick steps — simply set up an account in the Tyro Portal and download the Tyro BYO App from the Apple App Store to start accepting payments.”

Australian businesses can also “sign up for Tap to Pay on iPhone through distribution partnerships, including through Telstra.”

Telstra customers can “access everything they need to set up their small business by purchasing an iPhone, signing up for Tap to Pay on iPhone and getting started on the Tyro BYO App.”

The Tyro BYO App is “a customized SoftPOS merchant application developed with fintech company, Soft Space.”

As noted in the update, Tyro is “a technology-focused and values-driven Group providing Australian businesses with payment solutions and value-adding business banking products.”

The Group “provides simple, flexible, and reliable payment solutions as a merchant acquirer, along with complementary business banking products.”

More than 66,800 Australian merchants “chose to partner with Tyro at 31 December 2022.”

The Group “processed $21.7 billion in transaction value in the first half of FY23.”

The Group “generated $95.2 million in normalised gross profit, originated a record $72.7 million in loans and held merchant deposits totaling $95.0 million. Tyro is Australia’s fifth largest merchant acquiring bank by number of terminals in the market, behind the four major banks.”

The business was “founded in 2003 with a goal of being the most efficient acquirer of electronic payments in Australia.”

Tyro claims it “has a track record of innovation, creating purpose-built solutions and being first to market.”

This approach “saw the company become the first technology company to receive an Australian specialist credit card institution licence in 2005. In 2015 that licence was replaced by the award of an Australian banking licence, making Tyro the first new domestic banking licensee in over a decade.”

Payments are “at the core of Tyro’s business, using its proprietary core technology platform to enable credit and debit card acquiring.”

This offering is “enhanced by features purpose-designed for those merchants who choose to partner with the company, including Point of Sale systems integrations, least-cost routing (Tap & Save) and alternative payment types such as integrated Alipay.”

While traditionally focused on in-store payments, Tyro has recently “expanded into eCommerce.”

Further, Tyro provides value-adding solutions “to its partners, such as loans in the form of merchant cash advances and fee-free, interest-bearing merchant transaction accounts.”

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