An ordinary result for payments processor and struggling banking disruptor Tyro may leave the firm and one of its principal partners wondering about the value in their three-year old relationship. At a time of booming non-cash payments Tyro reported growth of only 2.2 per cent in transaction value, to A$22.2 billion. Tyro’s merchant numbers of 68,000 were up 2.8 per cent. The firm made better headway in traditional verticals such as health, but its new business mix over the half year to June 2023 raises questions about the Tyro value proposition. New customer applications rose 11.1 per cent. But, Tyro said, “new applications coming from the Bendigo Alliance were lower than expected.  “Applications were offset by elevated merchant churn of 16 per cent (from 11.7 per cent) driven principally from the macroeconomic environment and aggressive competitive behaviour from one of our POS partners.” It is the Bendigo Alliance numbers that are curious. Transaction numbers fell 11 per cent and merchant numbers fell 17 per cent. Tyro’s newer but more traditional banking products are empty vessels. The bank reported loan originations of $68 million in the half. The Tyro deposit book was $112 million at December, up 18 per cent over the half.