Ann: Update - International Payments Giant Signs with Mint, page-53

malmanu. Tyro has been in the payment space for around 10 years. This is a banking license, totally different to merchant acquiring license. Mint has neither. First Data (FDI) has a Merchant Acquiring license. FDI need terminal providers, Mint will be their mPOS provider. Tyro certainly isnt cutting into Mints lunch. It was at the table long before Mint joined. Tyro dont seem to play in the mPOS market (although they should I believe) and are a counter-top terminal provider and merchant acquirer. They will likely now try and cross sell banking products to their existing merchant clients.

Tryo will take a share of the banking market. The merchant space is becoming increasingly more competitive. By getting a banking license, Tyro clients will be able to settle merchant transactions into a Tyro account (assuming license comes with deposit taking rights) and then they start to flog, IMO, working capital products first (ie, overdrafts). Plenty of money to be made just in deposit holdings alone.