Pay for your fuel in crypto, as Australia leads the world in real-time cryptocurrency payments solutions
OTR service stations and convenience stores have teamed up with cryptocurrency platform Crypto.com to give Aussie consumers the ability to use their cryptocurrency for everyday payments in-store.
Cryptocurrency, sometimes called crypto, is any form of currency that exists digitally or virtually, and it uses cryptography to secure transactions.
While the buzz around crypto has been strong, the volatility of the currency means that it’s taken a while for it to filter down into everyday life.
There are some car dealerships, like luxury car dealer Dutton Garage in Melbourne, which accept cryptocurrency for vehicle purchases, while Queensland dealer group Bartons signed a deal in June of this year with Accept Crypto to act as the accounting and compliance intermediary for new and used car purchases made with crypto.
However, the OTR announcement marks a new level of acceptance of the new-age currency.
Crypto.com and payment terminal provider DataMesh has rolled out what it claims is a world-first solution to enable payment terminals and merchants to process in-person crypto payments.
With the high price of fuel, it might be worth cashing in your bitcoin billions to fill up your tank!
Customers of Crypto.com can purchase items at one of 175 OTR fuel and convenience store sites in Victoria, South Australia and Western Australia using their cryptocurrency.
Peregrine Corp, the owner of OTR, plans to roll out crypto capability to another 250 of its stores across the country, including Krispy Kreme outlets in South Australia and the Northern Territory.
When it comes time to pay, the merchant selects Crypto.com as the preferred payment type, which generates a QR code on the terminal for the customer to scan through their Crypto.com app.
The customer then selects and authorises their preferred cryptocurrency for payment, which is settled instantly with the merchant in Australian dollars.
A report released this month claims that more than half of consumers and businesses surveyed said they wanted to transact in cryptocurrency, with one-third of Aussie businesses saying that they are ready now or will be within a year.
The report, Crypto for the Real World: Revolutionising Everyday Purchases Using Cryptocurrency (August 2022) shows that Australian attitudes mirror trends across the world, with research also indicating that the majority of individual crypto owners, as well as businesses, would like the option to transact in crypto as an alternative to cash.
Executive Chairman of Peregrine Corporation, Yasser Shahin, said OTR convenience stores strive to embrace innovation, so it was a natural progression to offer their customers the option to pay with digital assets.
“The OTR story is about giving customers choice and making life easy,” he said.
“The decision to offer cryptocurrency payments is centered around this story – by offering our customers convenience in how they pay, whether it be cash, card or crypto.”
Until September 16, 2022, OTR customers who pay with crypto will also be offered 2% cashback on their purchases.
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