On The Run (OTR), the largest store and gas station, will soon begin accepting cryptocurrency payments at 170 outlets in South Australia and Victoria. The move will allow customers to pay for gas, snacks, and even subway fares in more than 30 cryptocurrencies.

Peregrine, the parent company of OTR, one of the largest private companies in South Australia, will accept cryptocurrencies at its Subway, Porto and Smokemart stores. When the system is completed in July, it will become the largest company in the country to accept cryptocurrency payments in stores.

The company is partnering with Singapore-based Crypto.com to implement Pay Merchant as its payment settlement team. Datamesh, a Sydney-based payment system provider, will deploy point-of-sale terminals that will allow shoppers to pay through the Crypto.com app using their crypto holdings.

Yasser Shaheen, CEO of Peregrines, stated that the adoption of cryptocurrencies is an opportunity to join the rise of cryptocurrencies, adding:

“The growth and widespread acceptance of cryptocurrencies in Australia and the rest of the world has been phenomenal, giving us a clear opportunity to harness the momentum of this rapidly growing field for the benefit of our clients.”
Related: Australian crypto ‘influencers’ face tough new legal restrictions

A survey conducted by Crypto.com in February showed that only 4% of merchants surveyed worldwide actually accepted cryptocurrency as payment, although almost 60% of merchants were interested in accepting payments within the next year.

In comparison, about 40% of customers worldwide are already paying with crypto, and another 60% say they are interested in paying with crypto within the next 12 months.

Among the industry sectors most prone to adopting cryptocurrencies, retailers and merchants associated with luxury goods suppliers are ready to accept cryptocurrencies with 80% in each category.

With the widespread use of cryptocurrencies in Australia, the Australian government is looking into ways to regulate and treat their use. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a bill to reform market-based licensing, custody and taxation, and said he wants Australia to become a “crypto hub” and the country “open for business.” .

Source: CoinTelegraph