On The Run (OTR), a convenience shop and petrol station chain will soon accept over 30 cryptocurrencies as payment for goods and services at its 170 locations in South Australia and Victoria following a partnership with Crypto.com.
On The Run (OTR) will work with Crypto.com to implement its Pay Merchant product, with a Sydney payment systems provider rolling out new terminals to allow consumers to pay with crypto.
The Peregrine Corporation, which owns OTR and is one of South Australia’s largest privately held enterprises, will accept 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 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.”
Businesses accepting crypto as a payment option
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 shops, along with luxury goods providers, are the industry sectors most enthusiastic about accepting cryptocurrency payments, with 80 percent in each category.
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 licensing, custody, and taxes, adding that he wants Australia to become a “crypto hub” and that the country is “ready for business.”
