- OTR will collaborate with payments processor DataMesh to roll out point of sale terminals for the new option
- The convenience store chain will accept crypto in 170 of its outlets
Australian convenience store mammoth On The Run (OTR) has announced plans to offer customers an option to complete payments for goods and services using more than 30 cryptocurrencies.
The initiative will be brought to life via a collaboration with Singapore-based crypto and digital asset exchange Crypto.com. The exchange will enable OTR to integrate the Pay Merchant layer that allows merchants to settle crypto transactions.
With the service planned to become active starting in July, the chain will offer the option in 170 of its outlets across the states of South Australia and Victoria. Sydney-based payment services platform DataMesh will debut the point-of-sale terminals required to facilitate consumers to pay for goods and services using the crypto assets held in their Crypto.com wallets.
Peregrine Corporation, one of the largest family businesses operating in South Australia, is the parent company of OTR, and the stores under its wings include Subway, Smokemart, and Oporto. By enabling Aussies to spend their crypto for snacks, groceries, and even gas, the firm is in line with the larger surge in adopting cryptocurrencies experienced in Australia in recent months.
“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,” Yasser Shahin, the executive chairman at Peregrine said.
The rise of crypto payments
The potential for the adoption of crypto assets as a module to complete payments is rife, and it is only a matter of time before it blows up.
According to a report released by Crypto.com in February, while only 4% of Worldpay from FIS merchants accept crypto as a means of payment, 60% have the intention to integrate payment options for the asset class within a year of the report.
Conducted in Q4 of last year, the survey also found that 36% of merchants would like to settle payments in crypto rather than the current fiat industry standard.
The interest isn’t one-sided either, as the exchange also found that 60% of its customers would want to purchase goods and services using crypto within the said time. At present, only 40% of its customers are settling transactions using crypto.