Australians will be able to pay using crypto at convenience stores and gas stations in South Australia by the middle of this year, as private businesses cautiously embrace digital currency payment capabilities.
Starting in July, approximately 170 On The Run (OTR) convenience operations, including gas stations, C Coffee restaurants and drive-in cafes, Subway restaurants, Oporto and Wokinabox will be set up to accept online payments. cryptocurrency.
This will apply to all merchant terminals within the Peregrine Corporation group of companies in the Adelaide metropolitan area and regional Australia.
The payments capabilities come from a new partnership with Singapore-based payments and cryptocurrency company Crypto.com, which has been building its global presence over the past year.
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The company made headlines in November last year when it announced that it had purchased the trademark rights to rename the Staples Center in Los Angeles “Crypto.com Arena”.
This is Crypto.com’s second partnership in Australia, following the announcement of a broad, multi-year deal to sponsor Adelaide Football Club in January.
DataMesh Group, a technology and payment company, will integrate Crypto.com as an accepted “payment type” on Peregrine Corporation’s point-of-sale terminals.
The partnership sees the platform launch its payment gateway with South Australia’s largest private company.
Of the society Pay Merchant payment system enables crypto payments to merchants in Australia and follows the launch of a Crypto.com app and VISA card in Australia last year.
Crypto.com’s Managing Director for APAC, Karl Mohan, said the landmark partnership marks the first step in achieving its goal of enabling customers to “pay with cryptocurrencies at market prices in time.” real and avoid the cost and hassle of fiat conversions”.
“We are thrilled to bring this vision to life with one of Australia’s most trusted companies,” Mohan said in a statement.
Peregrine Corporation Executive Chairman Yasser Shahin said the growth and widespread acceptance of cryptocurrency adoption globally and in Australia presents the company with “a clear opportunity to capitalize on the momentum of this fast-growing space for the benefit of our customers.”
The partnership would allow the company to become a leader in payment innovation, Shahin said.
“Crypto.com is a world-changing platform. It is synonymous with the future of technology, payments and business.
“We are delighted 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.”
The move follows internal research conducted with FIS payments company Worldpay which found that 75% of Crypto.com customers are interested in purchasing goods or services with cryptocurrency in 2022, trading retail being one of the two main segments of the industry.
Similar research commissioned by Australian cryptocurrency exchange Swyftx earlier this year found that the majority of Australian business leaders want to see tougher regulation before exploring opportunities to integrate crypto into their business.
The announcement follows a series of developments as government and private industry navigate how crypto companies will be regulated as its use becomes more widespread in Australia.
Earlier this year, ANZ launched Australia’s first bank-backed ‘stablecoin’, an innovation that innovation proponents say could change the way local businesses and investors move money online.
And in March, the government paved the way for consultation with businesses on a draft law regarding the regulation of cryptocurrency and digital payments.
Mohan encouraged other retailers to get started with crypto payments.
“Merchants take note: customers are ready when you are! This is a great opportunity to increase your potential market, reduce litigation costs and lower transaction fees,” he said.