On The Run (OTR), one of the largest gas station chains in Australia and New Zealand, recently announced that they will accept cryptocurrency payments at their 170 locations across Victoria and South Australia. With this move, customers will be able to buy snacks, gas, and even a Subway sandwich using one of the 30 cryptocurrencies accessible.
As part of its expansion plans, OTR’s parent company, The Peregrine Corporation, will also begin accepting cryptocurrency at its Subway, Smokemart, and Oporto stores. As soon as the system is implemented in July, it will become the country’s largest business accepting cryptocurrency payments.
Currently, the company is collaborating with Crypto.com, a Singapore-based exchange platform, in which the company will use Crypto.com’s Pay Merchant service in order to manage payments. As part of the project, Sydney-based payment services provider Datamesh will also install point of sale (POS) terminals that will enable shoppers to make payments through Crypto.com.
Assassr Shahin, Peregrines’ executive chairman, argues that accepting crypto payments is an excellent way to get on board with crypto’s growth. He adds:
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.
Based on a survey released by Crypto.com in February, only 4% of merchants worldwide are already accepting cryptocurrencies as payment. However, more than 60% are interested in accepting payment within the next year.
A global survey found that 40% of customers are paying with crypto already, and 60% are interested in doing so in the next 12 months. The retail and grocery industries are both keen on accepting crypto payments, with 80% of them asserting that they are willing to do so, among the various industries that are most open to adopting cryptocurrencies.
As cryptocurrency usage has become quite common in Australia, government officials are studying how they can regulate and address the usage of cryptocurrencies in Australia. It was announced in March by Senator Andrew Bragg that the Digital Services Act (DSA) would be introduced. A legislation called the Digital Security Act aims to reform custody, market regulation, and taxes, with the aim of turning Australia into a “crypto hub”.
