Tyro, an Australian fintech company established in 2003 to transform the electronic funds transfer at point of sale (EFTPOS) market, has unveiled an innovative embedded payment solution aimed at streamlining transaction processes for businesses. The newly launched embedded payments software development kit (SDK) empowers businesses to accept tap-to-pay payments through any device and point-of-sale (POS) system.
With the new technology, merchants can integrate Tyro’s tap-to-pay system directly into their applications, enabling them to facilitate payments without the need for external terminals. By embedding this functionality into existing NFC-capable Android and iOS devices, the solution allows Australian merchants to commence transactions more rapidly, eliminating the requirement for a dedicated EFTPOS device.
The implications of this development extend beyond operational efficiency. Tyro’s solution is positioned to enhance the customer experience, as it simplifies the checkout process by consolidating POS and payment functionalities into a single device. As a result, merchants can manage sales and payments in a streamlined manner, facilitating a more seamless interaction with their customers.
Additionally, the financial benefits are notable. The removal of extraneous EFTPOS rental fees represents a significant cost-saving opportunity for merchants, particularly for those who opt for a fee-free Tyro Bank Account. These account holders will also gain the advantage of immediate access to funds received from customer transactions, available any day of the week.
Commenting on the launch, Tyro CEO Jon Davey stated, “Tyro’s mission is to make payments the easiest part of doing business. With our embedded payments, merchants get a hassle-free, tap-to-pay system in any device. We’re thrilled to be launching this solution with our valued POS partners, offering Australian merchants another simple way to create seamless experiences for their customers.”
The Tyro Embedded Payments solution is now operational and available to merchants utilising Liven, Metapos, and Ivida POS systems. The SDK for Tyro Embedded Payments can be accessed by software developers and POS partners, allowing for development on existing devices that support NFC technology.
As businesses continue to adopt and integrate new technologies, Tyro's innovative approach reflects a significant trend in the ongoing evolution of payment systems, characterising a shift towards more integrated and efficient solutions in the digital payments landscape.
Source: Noah Wire Services