The giant chain of stores and filling stations On The Run (OTR) will soon accept crypto payments at 170 branches in South Australia and Victoria. The move will allow customers to pay for gas and refreshments in more than 30 cryptocurrencies.
OTR and other companies in AU accept crypto payments
OTR’s parent company, Peregrine Corporation, one of the largest private companies in South Australia, will also accept cryptocurrencies at its Subway, Oporto, and Smokemart stores. Once the system is completed in July, it will become the largest company in the country to receive crypto payments in stores.
The company is working with the Singapore Stock Exchange Crypto.com to implement its Pay Merchant service as a payment settlement layer. Datamesh, a Sydney-based payment systems provider, will set up point-of-sale terminals that allow shoppers to pay through the Crypto.com cryptocurrency application.
Yasser Shahin, executive chairman of the Peregrines, said that taking cryptoplates was an opportunity to step onboard the growth of cryptocurrencies, adding:
“THE GROWTH AND MAINSTREAM ACCEPTANCE OF CRYPTOCURRENCY ADOPTION IN AUSTRALIA AND THE REST OF THE WORLD WAS PHENOMENAL OFFERED A CLEAR OPPORTUNITY TO USE THE DYNAMICS OF THIS FAST-GROWING SPACE FOR THE BENEFIT OF OUR OWNS.
A Crypto.com survey published in February found that only 4% of globally surveyed merchants already accept cryptocurrencies as a payment method. However, almost 60% of merchants expressed an interest in accepting payments within the following year.
By comparison, approximately 40% of customers worldwide already pay with cryptocurrencies. Another 60% said they are interested in crypto payments adaptation within the next 12 months.
Of the industrial sectors most willing to accept cryptocurrencies, retailers and grocers are tied to luxury goods providers, with 80% in each category excited about receiving cryptocurrencies.
As the use of cryptocurrency payments in Australia continues to grow, the Australian Government is looking for ways to regulate and address their use. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a legislative proposal aimed at reforming market licenses, custody, and taxes, saying he wanted Australia to become a “crypto center” and that the country was “open to business. “