- Tyro’s new embedded payments solution allows merchants to accept tap-to-pay transactions directly via iOS or Android devices, bypassing the need for additional terminals.
- The system reduces overhead costs, simplifies POS operations, and enhances the customer checkout experience.
What happened: Tyro unveils embedded payments
Tyro, a pioneer in Australia’s financial technology landscape, has unveiled its embedded payments solution, aiming to streamline how merchants accept tap-to-pay transactions. By integrating Tyro’s software development kit (SDK) into existing iOS and Android devices, businesses can turn their point-of-sale (POS) systems into seamless payment terminals without the need for additional hardware.
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The solution leverages near-field communication (NFC) technology, allowing merchants to handle payments directly on their POS systems or compatible mobile devices. This eliminates the necessity for standalone EFTPOS terminals, enabling businesses to reduce costs and enhance operational efficiency. With the SDK now live, merchants using systems like Liven, Metapos, and Ivida can adopt this integrated solution immediately.
Why this is important
The launch of Tyro’s embedded payments marks a step forward in reducing overheads for small and medium-sized businesses. Without the burden of renting EFTPOS terminals, merchants can allocate resources more effectively while providing a smoother checkout experience for customers. The all-in-one system also supports faster payment processing, potentially reducing queue times and improving customer satisfaction.
Additionally, Tyro offers businesses with a fee-free Tyro Bank Account the advantage of immediate access to funds seven days a week, boosting liquidity. This could be particularly impactful for industries requiring continuous cash flow, such as retail and hospitality.
The ability to integrate the solution into existing devices further highlights the flexibility and scalability of Tyro’s approach. As businesses increasingly prioritise streamlined operations and cost-efficiency, embedded payments could become a critical tool in modern commerce.
