Convenience store and petrol station giant On The Run (OTR) will soon accept crypto payments at 170 outlets in South Australia and Victoria. The move will allow customers to pay for gas, snacks, and even a subway ride in over 30 cryptocurrencies.
OTR’s parent company, Peregrine Corporation, one of South Australia’s largest private companies, will also accept crypto at its Subway, Oporto and Smokemart stores. Once the system is finalized in July, it will become the largest company in the country to accept in-store crypto payments.
The company is working with Crypto.com, a Singapore-based exchange, to implement its Pay Merchant service as a payment settlement layer. Datamesh, a Sydney-based payment systems provider, will deploy point-of-sale terminals allowing shoppers to pay through the Crypto.com app with their cryptocurrency holdings.
Yasser Shahin, Executive Chairman of Peregrines, said accepting crypto payments was an opportunity to jump on board with the growth of cryptocurrencies, adding:
“The growth and widespread acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal and presented us with a clear opportunity to leverage the momentum of this rapidly growing space to benefit of our customers.”
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A Crypto.com survey published in February found that only 4% of merchants surveyed worldwide were already accepting cryptocurrencies as a means of payment, although almost 60% of merchants wanted to accept payments during the year. next.
In comparison, around 40% of customers worldwide are already paying using crypto, and the remaining 60% said they want to pay with crypto within the next 12 months.
Among the industry sectors most willing to adopt cryptocurrencies, retailers and grocers linked to luxury goods providers, with 80% in each category, are enthusiastic about accepting crypto payments.
With the use of cryptocurrency in Australia becoming more widespread, the Australian government is looking to regulate and manage its use. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a legislative proposal to reform market licensing, custody and taxes, saying he wanted to see Australia become a “center of cryptography” and that the country was “open for business”. ”