With the partnership, PayPal is poised to take a bite out of the big banks in the country, most notably Commonwealth Bank of Australia.
PayPal is diving into mobile payments with a bold new move. The company has formed a partnership with Tyro, a financial services software company, to offer mPayment services in Australia.
The companies are developing a solution called Tyro Mobile, which will let users make in-store purchases via their mobile devices, with 14,000 merchants participating. It’s the product of longstanding discussions between the two companies, and a partnership that should prove mutually beneficial. Tyro has an established network in Australia, with merchants using its software at the point of sale; PayPal, meanwhile, has a strong user base that is enthusiastic about payment alternatives and a forward-thinking approach to new technology.
With the partnership, PayPal is poised to take a bite out of the big banks in the country, most notably Commonwealth Bank of Australia. But it’s also seeking to compete against other emerging threats, including Apple Pay and other emerging mPayment platforms. All are aiming to offer a better, more convenient user experience in a competition from which the consumer may ultimately get the most benefit.
Source: The Australian