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Aussies buy fuel and chips with crypto across 175 fuel outlets

Commenting on the roll out, Crypto.com’s Asia & Pacific General Manager Karl Mohan tipped the adoption of an AUD-backed stablecoin as being the catalyst to make crypto payments mainstream in Australia.

Convenience store and petrol station brand On The Run (OTR) has launched crypto payment support across all 175 of its petrol stations and convenience stores across Victoria, South Australia (SA), and Western Australia (WA) as of Aug. 18.

As previously reported, the move is part of a collaboration between OTR, Singapore-based exchange Crypto.com, and DataMesh, a Sydney-based payment systems provider.

The exchange has provided its Pay Merchant service as a payment settlement layer, while Datamesh has provided the point of sale terminals.

Speaking with Cointelegraph, Crypto.com’s Asia & Pacific General Manager Karl Mohan noted that it only took “eight weeks to from the time of proof of concept to the point of actually getting a full scalable production-ready environment.”

Mohan noted that while 175 OTR stores have initially been outfitted with the infrastructure, the crypto payments service is operationally ready to scale much further.

“What happens now is any merchant, whether you're a cafe owner or someone who runs thousands of stores, could just plug and play,” he said.

Adding to the 175 stores, OTR’s parent company Peregrine Corp intends to roll out the crypto payments service to another 250 retail sites across the country such as Subway, Oporto, and Krispy Kreme.

Mohan also stated that Crypto.com charges zero fees on the transactions in this context, however, there will be fees on the merchant’s end, which will set their own rates. Such may suggest that transaction costs could be similar to that of card payments with fiat.

Questioned on what is needed to make crypto payments widely adopted in Australia, especially given the tax obligations of paying with crypto assets, Mohan opined that the utilization of an AUD-backed stable could be the key:

“So of course, Bitcoin and Ethereum because of their market capitalization are already on the top of the list. But an overwhelming number of consumers have said they are ready to accept and actually start paying with Australian stablecoins.”

“We've made the system available and if you've seen ANZ announce the Australian dollar stablecoin, and we see these types of stablecoins becoming available, I really believe that it will become mainstream,” he added.

Related: Australian Securities Exchange takes step towards tokenized asset trading

So far the ANZ bank has pilot tested its A$DC stablecoin purely for private institutional purposes, but if it eventually does get opened up to the retail market, Mohan stated that “we would love the opportunity to work with any financial or any Australian deposit-taking institution that is keen to introduce a stablecoin.”

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney

Aussie convenience store giant to accept crypto at 170 outlets

On The Run (OTR) will work with Crypto.com to implement its Pay Merchant product, with a Sydney payment systems provider rolling out new terminals to allow consumers to pay with crypto.

Convenience store and gas station giant On The Run (OTR) will soon accept crypto payments at its 170 outlets across South Australia and Victoria. The move will allow customers to pay for gas, snacks, and even a Subway foot long in over 30 cryptocurrencies.

OTR’s parent company the Peregrine Corporation, one of the largest privately-owned companies in South Australia, will also be accepting crypto at its Subway, Oporto, and Smokemart stores. Once the system is finalized in July, it will become the largest business in the country to accept in-store crypto payments.

The company is working with Singapore-based exchange Crypto.com to implement its Pay Merchant service as its payment settlement layer. Datamesh, a Sydney-based payment systems provider, will roll out point of sale terminals allowing shoppers to pay through the Crypto.com app with their cryptocurrency holdings.

Yasser Shahin, Peregrines’ executive chairman, stated that accepting crypto payments was an opportunity to jump on board with the growth of cryptocurrencies, adding:

“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.”

Related: Aussie crypto 'finfluencers' face tough new legal restrictions

A survey by Crypto.com released in February revealed that only 4% of globally surveyed merchants were already accepting cryptocurrencies as payment, although nearly 60% of merchants were interested in accepting payments within the next year.

In comparison, around 40% of customers globally are already paying using crypto, and the other 60% said they’re interested in paying with crypto within the next 12 months.

Of the industry sectors most willing to adopt cryptocurrencies, retail and grocery merchants tied with luxury goods providers, with 80% in each category enthusiastic about accepting crypto payments.

With cryptocurrency use in Australia becoming more prevalent, the Australian government is navigating how to regulate and address its usage. In March, Senator Andrew Bragg announced the Digital Services Act (DSA), a legislative proposal aimed at reforming market licensing, custody, and taxes, stating he wants to see Australia become a “crypto hub” and that the country is “open for business”.

‘Operation Choke Point 2.0’ may have contributed to SVB collapse: Mulvaney