Payments will be settled through a service provided by Crypto.com.
Point of sale terminals from Datamesh, a Sydney-based payment systems supplier.
At 170 locations in South Australia and Victoria, On The Run (OTR), Australia’s largest chain of convenience stores and petrol stations, will begin accepting cryptocurrency payments shortly. So, in addition to petrol, snacks, and even a Subway foot long, consumers will be able to pay for their purchases using over 30 cryptocurrencies.
As one of South Australia’s biggest privately held corporations, Peregrine Corporation, the parent company of OTR, will accept cryptocurrency at its Subway, Oporto, and Smokemart locations. It will be the most prominent firm in the nation to take crypto payments once the system is finished in July.
Payments will be settled through a service provided by Crypto.com, the Singapore-based cryptocurrency exchange. Point of sale terminals from Datamesh, a Sydney-based payment systems supplier, will let customers pay with their crypto holdings through the Crypto.com app.
Rise of Crypto Adoption
According to a poll by Crypto.com issued in February, only 4% of worldwide surveyed retailers were currently taking cryptocurrency as payment. However, roughly 60% of merchants were interested in receiving payments within the following year.
Throughout 40% of clients worldwide now pay using Crypto, and the remaining 60% want to do so within the following year. Retail and food stores and luxury goods suppliers are the most excited about accepting cryptocurrency payments, with 80% in each category.
The Australian government is trying to figure out how to regulate and deal with the growing popularity of Crypto in the country. According to Senator Andrew Bragg in March, who unveiled the Digital Services Act (DSA), which would change the market licensing, custody and taxation systems in Australia to make it a “crypto hub,” the nation is now “open for business.”