The country’s only independent eftpos provider Tyro Payments surpassed $3.5 billion in credit and debit card transactions in 2012.

The value of Tyro transactions increased by 51 per cent last year compared to 2011, and have risen 145 per cent year on year since 2007.

According to Tyro CEO Jost Stollmann, this is a notice to Australia’s big banks to lift their performance.

“Tyro is helping to change the face of credit and debit card transactions in Australia for both consumers and retailers alike,” he said.

“We are the David of the financial services market, and the big banks represent Goliath.

“Australians deserve better and we are giving them what they want.”

Tyro broke through to profitability in March 2012 and is focused on Australia’s small and medium business market.

Tyro’s latest half yearly financial results show a profit of $1.2 million and a revenue increase of 44 per cent to $19 million in the first half of the 2013 financial year.