Australia’s largest supermarket chain accepts cryptocurrency
- Nanna Course
- on Aug 19, 2022
Leading Australian retailer On the Run (OTR) is now accepting bitcoin and other cryptocurrencies for payment at 175 petrol stations and supermarkets in the Australian states of Victoria, South Australia and Western Australia.
According to a press release, Australian OTR customers can now purchase everyday items such as petrol, coffee, and sandwiches with the cryptocurrency of their choice with a wallet on the crypto platform. At checkout, the merchant selects the Crypto.com crypto service as the preferred payment method and uses it to generate a dynamic QR code on the terminal.
Customers must use a cryptocurrency platform application to perform the analysis. They then select their preferred cryptocurrency in the app and authorize payment, which is immediately released to the retailer in Fiat AUD. Peregrine Corp, owner of OTR, is looking to expand the opportunity to 250 additional locations across the country, including Krispy Kreme stores in South Africa and the northern region.
Australians ready for crypto payments
In Australia, lack of regulation and uncertainty about tax implications are hampering the widespread adoption of cryptocurrency trading. The rise of the digital economy during the COVID-19 crisis has shown that interest in crypto is also growing rapidly in Australia. Over a million Australians currently own cryptocurrencies with an average value of over $20,000.
“Australia is ripe for a cryptocurrency revolution as consumers and businesses prepare to use cryptocurrencies as an everyday cash or credit payment option. Our latest research shows that 55% of merchants and consumers trade cryptocurrencies. This innovation in the OTR store brings those ambitions to life and ensures that Australia is at the forefront of developing cryptocurrency payments. – Carl Mohan, Managing Director of Crypto.com
In late May and early June 2022, independent market research firm PureProfile surveyed over 2,000 Australian consumers and over 500 Australian retailers about their attitudes towards cryptocurrency trading. The accompanying study made it clear that more than half of consumers and businesses surveyed want to make crypto payments. A third of Australian businesses say they are ready now or within a year. According to the study, vendors would like to accept cryptocurrency payments online and in-store, while consumers want to use them to make payments online.
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