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20 Apr 2019

Pure Commerce and Tyro Launch Innovative Payment Solution to Boost Ailing Tourism Industry in Australia

This EFTPOS solution integrates Pure Commerce's fxCHOICE dynamic currency conversion (DCC) services onto Tyro's EFTPOS terminals to give merchants the ability to display and convert payments made by foreign tourists from Australian Dollars to their home currency at the point of sale. This will help merchants to improve customer service by reducing currency confusion often faced by tourists when making a payment.

The service will also provide a welcomed new revenue stream to the tourism industry as it faces uncertain times resulting from the global financial crisis. It enables tourism merchants to offset the expected drop in tourism revenue with foreign exchange commissions on every international transaction converted. Pure Commerce's fxCHOICE offers DCC on up to 135 currencies, providing Tyro EFTPOS merchants with a greater opportunity for conversion and increased foreign exchange profits.

According to the Global Market Monitor report by Tourism Australia, the full impact of the crisis on Australian tourism will not be felt until February 2009 onwards.

œWith uncertain times ahead, hospitality and tourism merchants will be looking at ways to cut costs and improve efficiencies, said Daniel Lavecky, CEO of Pure Commerce. "This flexible payment solution from Pure Commerce and Tyro will reduce the cost of accepting credit cards by up to 50 percent."

As the only independent credit card acquirer in Australia, Tyro is not conflicted by a highly profitable card issuing business like the banks, so there are no high fees to offset the costs of managing the credit cards. Therefore, it is focused on providing merchants with better, cheaper and faster EFTPOS solutions and lower Merchant Service Fees (MSF) fees.

œOur alliance with Pure Commerce enables us to leverage its global experience with DCC, said Jost Stollmann, Chief Executive Officer of Tyro. œBoth companies are well aligned to provide an attractive alternative to the EFTPOS solutions currently offered by banks in Australia when the tourism industry needs it the most

Implementing the multi currency EFTPOS solution is simple for the merchant as they still continue to receive settlements as normal in Australian dollars and they are not required to change banks

According to Mr Stollmann, whilst this combined solution is mainly focused on improving the services that travel and tourism merchants offer foreign customers, it is also available for any merchants in any industry using Tyro's EFTPOS terminals.

Under the terms of the agreement, both organisations will jointly market the solution to grow the merchant base in Australia.