Convenience store and gas station giant On The Run (OTR) will soon begin accepting cryptocurrency payments at its 170 outlets across South Australia and Victoria. The move will allow customers to pay for gas, snacks, and even subways in more than 30 cryptocurrencies.
OTR’s parent company, Peregrine Corporation, one of the largest private companies in South Australia, will also accept cryptocurrency at its Subway, Oporto and Smokemart stores. Once the system is completed in July, it will be the largest business in the country to accept in-store crypto payments.
The company is working with Singapore-based exchange Crypto.com to introduce Pay Merchant as a payment settlement layer. Datamesh, a Sydney-based payment processor, will deploy point-of-sale terminals that allow customers to pay for their crypto holdings through the Crypto.com app.
Yasser Shaheen, Executive Chairman of Peregrines, stated that accepting payments in crypto is an opportunity to join the growth of cryptocurrencies, adding:
“The growth and widespread acceptance of cryptocurrency in Australia and the rest of the world has been phenomenal and has given us a clear opportunity to harness the momentum of this rapidly growing space for the benefit of our clients.”
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A Crypto.com survey published in February showed that only 4% of merchants surveyed worldwide already accept cryptocurrencies as payment, although almost 60% of merchants are interested in accepting payments within the next year.
In comparison, about 40% of customers worldwide are already paying with crypto, while the remaining 60% said they are interested in paying with crypto within the next 12 months.
Of the industry sectors most prone to adopting cryptocurrencies, retailers and groceries are associated with luxury goods suppliers, with 80% in each category enthusiastic about accepting payments in cryptocurrencies.
As the use of cryptocurrencies in Australia becomes more widespread, the Australian government is looking for ways to regulate and address the issue of its use. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a legislative proposal aimed at reforming market licensing, custody and taxes, saying he wants Australia to become a “crypto hub” and that the country is “open for business.” “.