The Australian convenience store behemoth will accept cryptocurrency at 170 locations
On The Run (OTR) will collaborate with Crypto.com to execute its Pay Merchant solution, with a Sydney-based payment systems provider deploying new terminals that will enable users to pay with cryptocurrency.
On The Run (OTR), Australia’s largest convenience shop and petrol station chain, will soon accept cryptocurrency payments at its 170 locations in South Australia and Victoria. Customers will be able to pay for petrol, snacks, and even a foot-long Subway sandwich with over 30 cryptocurrencies.
OTR’s parent company, the Peregrine Corporation, one of South Australia’s biggest privately held enterprises, will also take cryptocurrency at its Subway, Oporto, and Smokemart locations. When the technology is fully operational in July, it will become the biggest company in the nation to take crypto payments in-store.
The business is collaborating with Singapore-based cryptocurrency exchange Crypto.com to deploy its Pay Merchant solution as the payment settlement layer. Datamesh, a Sydney-based payment systems supplier, will roll out point-of-sale terminals that will enable consumers to pay with their bitcoin holdings through the Crypto.com app.
Yasser Shahin, executive chairman of Peregrines, indicated that taking cryptocurrency payments was a chance to capitalize on the cryptocurrency boom, adding:
“The incredible rise and widespread adoption of cryptocurrencies in Australia and the rest of the globe has provided us with a clear opportunity to leverage the momentum of this rapidly developing industry for the benefit of our clients.”
According to a February poll conducted by Crypto.com, just 4% of retailers worldwide were actually taking cryptocurrencies as payment, despite the fact that approximately 60% of businesses expressed interest in receiving payments within the next year.
By contrast, around 40% of consumers worldwide have already begun paying with cryptocurrency, and the remaining 60% have shown an interest in doing so over the next 12 months.
Retail and grocery retailers are the most receptive to cryptocurrency adoption, followed by luxury goods suppliers, with 80 percent of each category excited about taking crypto payments.
With the rise in popularity of cryptocurrencies in Australia, the Australian government is determining how to regulate and handle their use. Senator Andrew Bragg proposed the Digital Services Act (DSA) in March, a legislative proposal intended at improving market licensing, custody, and taxation, declaring his desire for Australia to become a “crypto center” and declaring the nation “open for business.”