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 customers of OTR can now buy everyday items such as petrol, coffee and sandwiches with the cryptocurrency of their choice with a wallet on the crypto platform. At the time of payment, 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.

Clients must use a cryptocurrency platform app to perform the scan. They then select their preferred cryptocurrency in the app and authorize the payment, which is paid immediately to the retailer in Fiat AUD. Peregrine Corp, owner of OTR, is looking to expand the opportunity to an additional 250 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 stand in the way of widespread adoption of cryptocurrency trading. The rise of the digital economy during the COVID-19 crisis showed that interest in crypto is growing rapidly in Australia as well. More than 1 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 PAYMENT OPTION FOR CASH OR CREDIT. 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 AUSTRALIA IS AT THE FOREFRONT OF CRYPTOCURRENCY PAYMENTS DEVELOPMENT.” – CARL 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 on their attitudes towards cryptocurrency trading. The accompanying study made it clear that more than half of the consumers and companies surveyed want to make crypto payments. A third of Australian firms say they are ready now or within a year. According to the study, providers would like to accept payments in cryptocurrencies online and in-store, while consumers want to use them to make payments online.