OTR petrol stations and convenience stores launch Crypto.com payment option across three Aussie states
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More crypto adoption Down Under incoming… Australia’s 175 or so OTR petrol and convenience stores are, from today, accepting payments facilitated by a huge global player in the industry, Crypto.com.
Guess South Australia’s Peregrine Corporation, which owns the outlets, didn’t see the much-derided Crypto.com commercial starring Matt Damon, then…
But never mind that, this is a pretty cool development if you’re a believer in a world that offers peer-to-peer digital transactions as a middleman-cutting payments solution. And it’s news that’s been coming for a while, actually – Stockhead covered the announced plans for this back in April.
Also involved is Sydney payment terminal provider DataMesh, which is helping to support the whole process of in-person crypto payments without fiat conversion.
Well, you need to buy yourself some crypto first – Bitcoin, Ethereum, whatever really – either through Crypto.com or any other another exchange willing to take your business. From there, you need to set yourself up with the Crypto.com app and wallet and send some funds to it.
That’s the hard/not-so hard part. It seems ridiculously simple enough beyond this, though – holders will be able to use the Crypto.com app to scan a good old QR code on their phone.
The customer then selects and authorises their preferred cryptocurrency for payment, which will apparently be settled instantly to the OTR/Peregrine lot in Aussie dollars.
And those purchases can include petrol, coffee, sandwiches… and presumably Cheese and Bacon Balls, jelly snakes, Barbecue Shapes, cans of Solo, and several other essential road-trip food groups.
Speaking of which, Peregrine Corp plans to roll out the service further, too – to another 250 retail sites across the country, including Krispy Kreme stores in SA and the Northern Territory.
Coinciding with this news, Crypto.com and DataMesh have just released a new research report they, and independent research firm PureProfile have put together, titled: Crypto for the Real World: Revolutionising everyday purchases using cryptocurrency.
And some of the findings are pretty pertinent to this story, particularly the data that suggests over half of consumers and businesses surveyed (more than 2,000 and 500 respectively) want to transact in cryptocurrencies. And one third of Aussie businesses say they are ready now or will be within a year.
The report reveals that Australian attitudes mirror trends worldwide, with a growing acceptance of the idea of transacting in crypto as a viable alternative to fiat/cash.
Some other key findings in the report include:
Merchants and consumers prefer to transact in Bitcoin and Ethereum but there is also demand for an Australian-dollar stablecoin.
One third of merchants say they are, or will be, ready within a year to transact in cryptos, and 60% within three years.
The lack of regulation, price volatility, and to a lesser extent, uncertainty about tax implications, remain barriers to wider adoption of crypto transactions.
Using crypto for luxury goods, digital media, retail and groceries are of strong interest for businesses and consumers, with also clear opportunities in industries such as travel and hospitality.
Let’s finish with some press-release-ready quotes about the OTR-related news, because, why not, eh?
Melbourne-based Crypto.com General Manager Asia & Pacific, Karl Mohan, said Australia is “ripe for a crypto revolution” as people and businesses push to adopt crypto payments.
“Our latest research shows that 55% of both merchants and consumers want to transact in crypto and this innovation within OTR stores is bringing these ambitions to life and ensuring that Australia is at the forefront of crypto payments evolution,” said Mohan.
DataMesh Group CEO Mark Nagy meanwhile said he believed the development will normalise cryptocurrency payments, and see other businesses look to incorporate it into their existing payment suite.
“We know merchants are looking at many alternative payment instruments including crypto as an opportunity to diversify their payment streams and attract new customers,” said Nagy, adding:
“Which is why we are determined to deliver integrated processing capabilities that will make crypto payments fast and accessible for all involved.”
Executive Chairman of Peregrine Corporation, Yasser Shahin, also chimed in on the end of the press release announcement with the following:
“OTR convenience stores strive to embrace innovation, so it was a natural progression to offer our customers the option to pay with digital assets.”