Friday, October 7, 2022

Australian OTR Set To Receive Crypto as Merchandise Payment

An Australian-based convenience store, On The Run (OTR) has announced that it has started making plans to accept crypto as payment for gas and other services its store chains offer. According to the announcement made, this new payment method will cut across its 170 outlets in South Australia and the capital of the Republic of Seychelles.

Australia has exhibited enormous optimism toward crypto but if this move with OTR finally pulls through, it will place the country on a higher pedestal. On The Road will be the largest grocery store and gas station in Australia to approve the acceptance of cryptocurrency for its products and services.

The digital assets exchange platform which the ‘brick and mortar’ store intends to utilize in this operation is Crypto.com. The Pay Merchant feature on the exchange platform will be used as the inter-switch between OTR and Crypto.com.

Another partnership is with DataMesh, a cross-domain payment and data analytic platform resident in Barangaroo, Sydney. This platform will provide the OTR outlets with Point of Sale (POS) machines that will permit crypto wallet users to transact from their digital assets accounts.

The Switch to Cryptocurrency Payments 

Apart from Bitcoin (BTC) and Ethereum (ETH) which are the major players in the digital currency market, about 30 different cryptocurrencies will be accepted by the company. Some other associates of OTR like Oporto and Smokemart powered by its mother company, Peregrine Corporation are more inclined to join the cryptocurrency payment pattern when it is eventually concluded by the beginning of Q2.

Yasser Shahin, Executive Chairman at Peregrine Corporation, and Karl Mohan, General Manager at Crypto.com in the Asia Pacific region both explained in separate statements that this partnership will be a catalyst for crypto recognition and acceptance in Australia.

Globally, customers’ interest to dispense payments with crypto is on a rampage but so far only a small percentage of firms have delved into this payment strategy. 

Australian business owners have opened their doors to cryptocurrency firms as a scheme to regulate crypto use in the country. FTX is another crypto exchange that has entered Australia. Last month, the exchange opened a new unit, FTX Australia of its brand, although the unit is yet to commence operation.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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