One of the largest fuel and convenience store chain in Australia called OTR (On The Run) is planning to partner with Crypto.com to run its Pay Merchant offering with the help of Sydney payment systems provider which will allow customers to pay in cryptocurrency.
On The Run (OTR), a convenience shop and fuel station chain, will soon accept crypto payments on their 170 locations in South Australia and Victoria. Customers will be able to pay for fuel, food, and even a Subway foot long in over 30 cryptocurrencies as a result of the shift.
The Peregrine Corporation, which is the holding company of On The Run and is one of South Australia’s largest privately held organization, will accept crypto as a form of payment at its Subway, Oporto, and Smokemart locations. The company is expected to become the largest commercial organization in all of Australia to accept crypto payments in July once all the necessary requirements are made.
The business is partnering with a Singapore-based crypto exchange, Crypto.com, to fulfill their goals. Datamesh, a Sydney-based payment systems supplier, will roll out point-of-sale terminals that will allow customers to pay with their crypto holdings via the Crypto.com app.
Accepting cryptocurrency payments, according to Peregrines’ executive chairman Yasser Shahin, is an opportunity to get on board with the cryptocurrency boom. He said;
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.
The business sectors like retailers & grocery shops, along with luxury goods providers, are most keen on accepting crypto as a form of payment, with almost around 80% in each category.
Meanwhile, the government of Australia is also trying to figure out different ways to secure and regulate cryptocurrency use as it grew significantly. In March, Senator Andrew Bragg presented the Digital Services Act (DSA), a bill for reforming market licensing, custody, and taxes. He further emphasized on making Australia a “crypto hub” and that the country is “open for business.”
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