On The Run (OTR) will collaborate with Crypto.com to execute its Pay Merchant offering, which will see a Sydney payment systems provider roll out new terminals that will allow customers to pay in cryptocurrency.
On The Run (OTR), a convenience store and gas station chain with 170 locations spanning South Australia and Victoria, will soon accept cryptocurrency payments. Customers will be able to pay for gas, snacks, and even a Subway foot long in over 30 cryptocurrencies as a result of the shift.
OTR’s parent company, the Peregrine Corporation, one of South Australia’s largest privately-owned businesses, will take cryptocurrency at its Subway, Oporto, and Smokemart locations. It will become the largest firm in the country to take in-store crypto payments once the technology is completed in July.
The company is collaborating with Crypto.com, a Singapore-based exchange, to install its Pay Merchant service as a payment settlement layer. Datamesh, a Sydney-based payment systems supplier, will roll out point-of-sale terminals that will allow customers to pay with their bitcoin holdings via the Crypto.com app.
Accepting crypto payments, according to Peregrines’ executive chairman Yasser Shahin, is an opportunity to get on board with the growth of cryptocurrencies, adding:
“The incredible rise and popular acceptance of cryptocurrency adoption in Australia and throughout the world has provided us with a clear opportunity to tap into the momentum of this fast-growing industry for the benefit of our clients,” says the company.
According to a poll conducted by Crypto.com in February, only 4% of businesses worldwide accept cryptocurrency as payment, despite nearly 60% of merchants expressing interest in receiving payments within the next year.
In comparison, over 40% of customers worldwide are now paying using cryptocurrency, with the remaining 60% indicating that they are interested in doing so within the next 12 months.
Retail and grocery retailers matched with luxury goods providers as the industry sectors most eager to adopt cryptocurrency, with 80 percent of each category excited about accepting crypto payments.
The Australian government is figuring out how to regulate and control cryptocurrency use as it grows in popularity in the country. Senator Andrew Bragg introduced the Digital Services Act (DSA) in March, a bill intended at changing market licencing, custody, and taxes. He stated that he wants Australia to become a “crypto hub” and that the country is “ready for business.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.