On The Run (OTR), a convenience store and gas station giant confirmed that it will soon accept crypto payments at its 170 outlets across Victoria and South Australia. This move will enable clients to pay for snacks, gas, and a Subway foot long in more than 30 cryptos.
OTR will work with Crypto.com to implement its Pay Merchant product, with a Sydney payment systems service provider rolling out new terminals to enable clients to pay using crypto. The Peregrine Corporation, OTR’s parent company, which is also one of the biggest privately-owned firms in South Australia, will also accept crypto at its Subway, Smokemart, and Oporto stores.
Once the system gets finalized in July, it is set to become the biggest business in the nation to accept in-store crypto payments. The firm is working with Singapore-based exchange Crypto.com to implement its Pay Merchant service as its payment settlement later. One Sydney-based payment systems provider, Datamesh, will roll out point of sale terminals enabling the shoppers to pay via the Crypto.com app using their crypto holdings.
Peregrines’ executive chairman, Yasser Shahin, said that accepting crypto payments was a chance to come on board with the growth of cryptos, adding:
“The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal, and has offered us a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers.”
A survey conducted by Crypto.com released in February showed that just 4% of globally surveyed merchants were ready to accept crypto payments, although about 60% of merchants were interested in accepting payments within the coming year.
Comparably, nearly 40% of clients worldwide are now paying using crypto, and the other 60% mentioned that they are interested in paying with crypto within 12 months. Among the industry sectors that are most willing to adopt cryptos, retail and grocery merchants are linked with luxury goods providers, with 80% in every category highly enthusiastic about accepting cryptocurrency payments.
With crypto use in Australia becoming quite prevalent, the government of Australia is now navigating how it will regulate and address cryptocurrency usage. Senator Andrew Bragg announced the Digital Services Act (DSA) in March 2022. DSA is a legislative proposal that is aimed at reforming market custody, licensing, and taxes.
Bragg said that he wants to see Australia become a ‘crypto hub’ and believes that the nation is open for business.