Tyro Payments chief executive Jon Davey has responded positively to the Reserve Bank of Australia’s (RBA) announcement regarding a ban on surcharges for debit and credit transactions across the eftpos, Mastercard, and Visa networks. News of the RBA’s decision spurred a 5.2 per cent increase in Tyro’s share price. Tyro Payments is an Australian financial technology company providing payment solutions and banking services to businesses. It facilitates merchants with point-of-sale systems and payment processing capabilities.
Davey stated he “welcomed” the RBA’s proposed payments updates. In a statement released to the ASX on Tuesday afternoon, Davey said the updates are designed to increase transparency and lower card costs for both consumers and merchants. He believes the reforms will support a comprehensive view of payments, benefitting small businesses and creating opportunities for Tyro.
“The RBA’s proposal supports a holistic view of payments reform that benefits small businesses and creates opportunities for Tyro,” he added. Tyro is encouraging the Reserve Bank to implement these changes quickly to capitalise on the potential benefits for small businesses and the broader payments landscape. The company sees the proposed reforms as a positive step towards a more transparent and efficient payment system in Australia.
The proposed changes are part of a broader effort by the RBA to modernise the Australian payments system and ensure fair pricing for consumers and businesses alike. Tyro’s positive response reflects the company’s anticipation of leveraging these reforms to expand its market presence and enhance its service offerings.
