Convenience store and gas station giant On The Run (OTR) will soon accept crypto payments at 170 outlets across South Australia and Victoria. The move will allow customers to pay for gas, snacks and even a Subway foot long in over 30 cryptocurrencies.
OTR’s parent company the Peregrine Corporation, one of the largest privately-owned companies in South Australia, will also be accepting crypto at its Subway, Oporto and Smokemart stores. Once the system is finalized in July, it will become the largest business in the country to accept in-store crypto payments.
The company is working with Singapore-based exchange Crypto.com to implement its Pay Merchant service as its payment settlement layer. Datamesh, a Sydney-based payment systems provider, will roll out point of sale terminals allowing shoppers to pay through the Crypto.com application with their cryptocurrency holdings.
Yasser Shahin, Peregrines’ executive chairman, stated that accepting crypto payments was an opportunity to jump 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.”
A survey by Crypto.com released in February revealed that only 4% of globally surveyed merchants were already accepting cryptocurrencies as payment, although nearly 60% of merchants were interested in accepting payments within the next year.
In comparison, around 40% of customers globally are already paying using crypto, and the other 60% said they’re interested in paying with crypto within the next 12 months.
Of the industry sectors most willing to adopt cryptocurrencies, retail and grocery merchants tied with luxury goods providers, with 80% in each category, are enthusiastic about accepting crypto payments.
With cryptocurrency use in Australia becoming more prevalent, the Australian government is navigating how to regulate and address its usage. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a legislative proposal aimed at reforming market licensing, custody and taxes, stating he wants to see Australia become a “crypto hub” and that the country is “open for business.”