Crypto.com, the world’s fastest growing cryptocurrency platform, has announced the launch of its latest cryptocurrency payment revolution, giving Aussie consumers the ability to use their cryptocurrency for everyday payments.
Crypto.com and payment terminal provider DataMesh today unveiled a world-first scalable solution that enables payment terminals and merchants to support in-person crypto payments without fiat conversion.
From today, customers holding a Crypto.com wallet can purchase everyday items, such as petrol, coffee and sandwiches across 175 OTR fuel and convenience store sites across Victoria, South Australia and Western Australia using their cryptocurrency – by simply using the Crypto.com App to scan a QR code on their phone. Peregrine Corp, the owner of OTR, plans to roll out the capability to another 250 retail sites across the country, including Krispy Kreme stores in SA and the Northern Territory.
According to consumers and merchants, the innovation cannot come soon enough. New research released today shows that more than half of consumers and businesses surveyed want to transact in cryptocurrency – with one third of Aussie businesses saying they are ready now or will be within a year.
The new report: Crypto for the Real World: Revolutionising everyday purchases using cryptocurrency (August 2022)* shows Australian attitudes mirror trends worldwide, with recent global research** also showing the majority of both individual crypto owners as well as businesses would like the option to transact simply in crypto as an alternative to cash.
New use cases for crypto:
More than 1 million Australians currently own cryptocurrencies*** at an average individual value of more than $20,000, outlining the untapped potential of utilising these modern assets for payment transactions.
In April 2022 Crypto.com launched Crypto.com Pay Merchant – one of the largest and most trusted payment gateways for crypto services in Australia – providing real-time prices across 25 different cryptocurrencies.
Melbourne-based Crypto.com General Manager Asia & Pacific, Karl Mohan, said Australia is ripe for a cryptocurrency revolution as consumers and businesses push to use crypto as an everyday payment alternative to cash or credit.
“Our latest research shows that 55% of both merchants and consumers want to transact in crypto and this innovation within OTR stores is bringing these ambitions to life and ensuring that Australia is at the forefront of crypto payments evolution,” Mr Mohan said.
Chief Executive Officer of DataMesh Group, Mark Nagy, said he believed the development will normalise cryptocurrency payments, and see other businesses look to incorporate it into their existing payment suite.
“At DataMesh, we strive to find payment solutions that bridge the gap between emerging technologies and our merchants. We know merchants are looking at many alternative payment instruments including crypto as an opportunity to diversify their payment streams and attract new customers, which is why we are determined to deliver integrated processing capabilities that will make crypto payments fast and accessible for all involved.”
Executive Chairman of Peregrine Corporation, Yasser Shahin, said OTR convenience stores strive to embrace innovation, so it was a natural progression to offer our customers the option to pay with digital assets.
“The OTR story is about giving customers choice and making life easy. 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.”
How the new crypto payment solution works
At time of payment, the merchant selects Crypto.com as the preferred payment type, generating a dynamic QR Code on the terminal which is scanned through the customer’s Crypto.com App. The customer then selects and authorises their preferred cryptocurrency for payment, which is settled instantly to the merchant in fiat AUD.
From today, consumers can now utilise their crypto for everyday purchases at 175 OTR convenience stores across Victoria, South Australia, and Western Australia, as well as Peregrine’s 250 SMGB retail locations across the country. Until 16 September, OTR customers who pay with crypto will also be offered 2% cashback on purchases.
Australian consumers and merchants driving crypto payment demand
Crypto for the Real World: Revolutionising everyday purchases using cryptocurrency provides domestic insights into the demand for crypto as an everyday payment solution and the current barriers to that development.
Conducted in late May and early June 2022, independent research firm PureProfile surveyed more than 2,000 Australian consumers and more than 500 Australian merchants about their attitudes to transacting in cryptocurrencies. Key findings included: