Tyro’s ‘Tap & Save’ contactless payments via eftpos is live
Tyro’s Tap & Save* new pricing is here, allowing merchants to send debit contactless payments through the more cost-effective eftpos network.
What does this mean for my business?
Tyro is the first Australian bank to offer this cost-saving feature, which processes debit card contactless transactions through the eftpos network for transactions less than $1,000. This means for eligible transactions, you will be charged the eftpos purchase rate rather than the scheme debit rate. The savings will vary depending on your business and the mix of contactless payments you processes.
Our customer service team is standing by to go through your individual plan – please contact us 02 8907 1700 9am to 5pm (Sydney time)
New customers who would like to sign up can get a quote here.
Our ‘Tap & Save’ initiative was prompted by the Reserve Bank of Australia (RBA) calling for “significant activity” around the least-cost routing progress.
eftpos is the most widely used debit card system in Australia, accounting for around 2 billion CHQ and SAV transactions in 2017 worth $130 billion (PDF).
‘Tap & Save’ is now a reality for Tyro merchants Australia-wide following eftpos’ upgrade to handle contactless payments.
This gives merchants the ability to be able to process card transactions to the cheaper network and comes at a critical time for the payments market.
According to eftpos, there are currently 27 million multi-network debit cards in operation, and debit contactless transactions are increasing – in the last three years, the average increase in debit volume in Australia was 13 per cent.
As the Australian Competition & Consumer Commission (ACCC) requires Australian businesses to only charge customers actual costs to process payments for eftpos and credit cards (including bank fees and terminal costs), the ‘Tap & Save’ initiative is a win for new and existing Tyro merchants, as well as Australian consumers.
We look forward to talking to you about this new feature offering.
For more information, visit tyro.com