Australian Retail Giant Plans To Accept Crypto Payments

Crypto Payment Across 170 OTR Outlets

According to local news outlet The Advertiser on Monday (April 4, 2022), OTR will soon enable cryptocurrency payment in over 170 outlets across South Australia, Western Australia, and Victoria. This development means that motorists will be able to pay for fuel and make in-store purchases with crypto.

While the report does not state what digital assets the company would accept in addition to Bitcoin, the crypto payment option is scheduled to begin in July 2022. Once the plans have been finalized, OTR will become the largest Australian retailer to accept cryptocurrency.

Peregrine Corporation, OTR’s parent company, will also accept crypto at its Subway, Wokinabox, C-Coffee, and Oporto outlets, as well as its Giftbox and Smokemart stores. In addition, Peregrine is collaborating with Singapore-based exchange Crypto.com and Datamesh, an Australian payments system provider, to introduce point-of-sale terminals.

Meanwhile, Crypto.com’s Pay Merchant service will enable OTR customers to make cryptocurrency payments via the exchange’s app, which will be immediately converted into Australian dollars. Yasser Shahin, executive chairman of Peregrine, said:

“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.”

Karl Mohan, General manager for Crypto.com’s Asia Pacific regions, said that the platform was holding discussions with “retailers and major institutions” who want to accept crypto payments via Crypto.com. Mohan added:

“As the cryptocurrency sector continues to become mainstream – with about 23 per cent of Australians holding crypto today – creating avenues for people to spend their crypto in the real world are becoming increasingly important.”

Australia Open to Crypto Adoption

A survey by Crypto.com back in February 2022 showed that only four percent of merchants surveyed globally support crypto payments. While there seem to be a limited number of merchants who accept crypto, 60% of respondents said they were interested in adding crypto payments as an option in 2022.

The survey also revealed that 40% of customers globally currently make payment with cryptocurrency, while about 75% of consumers are interested in purchasing goods and services with crypto in the next 12 months.

Individuals and institutions in Australia have recently increased adoption of cryptocurrency. In February, Selfwealth became the country’s first online share trading platform to offer crypto investment services to its clients.

Also, Australia’s largest bank the Commonwealth Bank of Australia (CBA) revealed last November that it was looking to offer crypto services to its customers. At the time of the announcement, the banking giant said it would support 10 cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).

Later in March, Sophie Gilder, the head of blockchain and digital at CBA noted that user response to the launch of its in-app crypto trading was extremely positive.

Still in the same month, Australian Senator Andrew Bragg introduced a legislative proposal called the Digital Services Act (DSA). The crypto proposal seeks to address areas such as taxation, custody, debanking, and decentralized autonomous organizations (DAOs).

With more adoption spreading across Australia via strategic partnerships and banking initiatives alike, supported by favorable legislation and allies in government, the country may soon become a friendlier place for crypto investors.

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