Leading Australian retailer On The Run (OTR) is now accepting Bitcoin and other cryptocurrencies for payment at its 175 gas stations and supermarkets in the Australian states of Victoria, South Australia and Western Australia.
Australian customers of OTR can now use a wallet from a crypto platform to buy everyday items such as gasoline, coffee and sandwiches with their preferred cryptocurrency, according to a press release. At the time of payment, the merchant selects Crypto.com's crypto service as the preferred payment method, generating a dynamic QR code on the terminal.
Customers need to use the cryptocurrency platform's app to scan. They then select their preferred cryptocurrency in the app and authorize the payment, which is immediately paid out to the merchant in fiat AUD. Peregrine Corp, which owns OTR, is looking to expand the capability to another 250 locations across the country, including Krispy Kreme stores in South Africa and the Northern Territory.
Australians ready for crypto payments
In Australia, the lack of regulation and uncertainty about the tax implications stand in the way of wider adoption of cryptocurrency transactions. Indeed, the rise of the digital economy during the COVID-19 crisis showed that crypto interest is surging in Australia. More than 1 million Australians currently own cryptocurrencies with an average value held of more than $20,000.
"Australia is ripe for a cryptocurrency revolution as consumers and businesses push to use crypto as an everyday payment alternative to cash or credit. 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." - Karl Mohan, Crypto.com General Manager
In late May and early June 2022, independent market research firm PureProfile surveyed more than 2,000 Australian consumers and over 500 Australian retailers about their attitudes toward cryptocurrency transactions. The associated study made it clear that more than half of the consumers and businesses surveyed want to conduct crypto payments. A third of Australian businesses said they are ready to do so now or within a year. Vendors would want to accept cryptocurrency payments online and in-store, according to the study, while consumers tend to want to pay with them online.
