Convenience store and petrol station giant On The Run (OTR) will soon accept crypto payments at its 170 stores across South Australia and Victoria. The move will allow customers to pay for gas, snacks, and even a foot-long subway in over 30 cryptocurrencies.
OTR’s parent company, Peregrine Corporation, one of South Australia’s largest privately held companies, will also accept crypto at its Subway, Oporto and Smokemart stores. Once the system is complete in July, it will become the largest company in the country to accept in-store crypto payments.
The company is partnering with Singapore-based exchange Crypto.com to implement its Pay Merchant service as a payment processing layer. Datamesh, a Sydney-based payment systems provider, will launch point-of-sale terminals that will allow shoppers to pay with their cryptocurrency holdings through the Crypto.com app.
Peregrine Executive Chairman Yasser Shahin stated that accepting crypto payments is an opportunity to keep up with the growth of cryptocurrencies, adding:
“The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal and has presented us with a clear opportunity to harness the momentum of this fast-growing space for the benefit of our customers.”
Related: Australian crypto “influencers” face tough new legal restrictions
A Crypto.com survey released in February found that just 4% of merchants surveyed globally already accept cryptocurrency as a form of payment, even though nearly 60% of merchants were interested in accepting payments within the next year.
In comparison, around 40% of customers worldwide are already paying with crypto, and the other 60% said they plan to pay with crypto within the next 12 months.
Of the industries most likely to adopt cryptocurrencies are retail and grocers associated with luxury goods providers, with 80% in each category excited about accepting crypto payments.
As the use of cryptocurrencies becomes more widespread in Australia, the Australian government is steering how to regulate and address their use. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a bill to reform market licensing, custodial and taxation”.
https://cointelegraph.com/news/aussie-convenience-store-giant-to-accept-crypto-at-170-outlets Australian convenience store giant accepts crypto at 170 stores