Tyro is first-to-market with least-cost routing for merchants on debit contactless payments with its 'Tap & Save' solution. This will enable Australian businesses the choice to automatically process multi-network debit (MND) contactless transactions to the least-cost payment network.
Around 80% of face-to-face Australian Mastercard and 92% of Visa payment transactions are contactless, while according to eftpos, debit cards represent 67% of all card transactions in Australia. Of that, 74% of all debit cards are MND cards.
Currently, almost all MND contactless payments revert to the international card schemes, instead of the eftpos network. While the outcome is the same for cardholders, merchant fees for Visa and Mastercard transactions are often higher than for eftpos. As of December 2017, RBA data shows the average total merchant fee for a debit transaction was 0.28% with eftpos and 0.59% with Visa and Mastercard.
Tyro expects its merchants will save on average 6% on their merchant services fees and the majority of Tyro merchants will save between 20-30% on re-routed transactions. Savings will vary between merchants depending on card mix, transaction volume and amount, industry and pricing plan.
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