On-The-Run (OTR) convenience store chain, the largest brick-and-mortar store, has partnered with crypto.com to implement its Pay Merchant product. The Sydney-based payment systems provider will roll out new terminals that enable consumers to pay with crypto.
According to a report in The Australian, Australians will from next July pay using crypto at over 170 On-The-Run (OTR) convenience stores and service stations across South Australia. This will apply across the corporation’s group of companies’ point of sale merchant terminals in metropolitan Adelaide and regional Australia. Customers will be able to use digital assets in service stations, C Coffee dine-in and drive-through cafes, Subway, Oporto, and Wokinabox restaurants.
Private companies cautiously embrace digital currency payment capabilities
The development results from a deal between Singapore-based crypto.com to implement a Pay Merchant service to create a payment settlement layer. A Sydney-based payment systems provider, Datamesh, will roll out point of sale terminals allowing shoppers to pay through the Crypto.com app with their cryptocurrency holdings. Peregrine’s executive chairman, Yasser Shahin, stated that accepting crypto payments was an opportunity to jump on board with the growth of cryptocurrencies. He stated:
“Australians will be able to pay using crypto at convenience stores and service stations in South Australia by the middle of this year, as private companies cautiously embrace digital currency payment capabilities.”
Exploring opportunities to integrate crypto into their business
The move by OTR follows research findings by payments company Worldpay from FIS that found 75% of Crypto.com customers were interested in purchasing goods or services with cryptocurrency in 2022, with retail one of the top two industry segments.
A similar study commissioned by Australian cryptocurrency exchange Swyftx earlier this year found that most Australian business leaders want to see stronger regulation before exploring opportunities to integrate crypto into their business. Shahin opined that the move would enable the firm to become a leader in payment innovation. He added:
“Crypto.com is a world-changing platform. It is synonymous with the future of technology, payments, and business […]; we are excited that our collaboration with Crypto.com and DataMesh has enabled this capability, and I look forward to our customers embracing this innovative and convenient way to engage with us.”
Working on a robust cryptocurrency regulatory framework
According to research, 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 enthusiastic about accepting crypto payments.
The Australian government is also currently working on a robust cryptocurrency regulatory framework to overhaul the country’s payments system.
Meanwhile, in the United States, giant convenience store Sheetz last year also made it possible to pay with Bitcoin, Ethereum, Litecoin, and other cryptocurrencies in partnership with Gemini-backed startup Flexa. Last August, several cryptocurrency kiosk operators partnered with Circle K to install Bitcoin ATMs throughout New York.
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.