The Mike Cannon-Brookes backed fintech startup Tryo has partnered with PayPal to enable merchants to accept mobile payments in-store.
The new payments solution, called Tyro Mobile, means more than 500,000 small and medium businesses will be able to accept mobile payments from up to 5.5 million Australian PayPal users.
“Australians increasingly want to pay for purchases quickly and conveniently and Tyro’s partnership means those with the PayPal app can now use their smart phones to do so in a second,” Tyro CEO Jost Stollmann said.
Australia has one of the highest smart phone penetration rates in the world but Stollmann said only about a third of merchants currently accept mobile payments.
Tyro Mobile means the company’s merchants can accept mobile payments made from digital wallets like PayPal. The company has also flagged it could accept payments from tech like Samsung Pay in the future.