OTR partners with Crypto.com, to accept crypto paymentswritten by Bella Palmer
Once the move is finalized in July, OTR will become the largest bricks-and-mortar retailer in Australia to accept digital currencies as a payment method
Australian convenience store On The Run (OTR) will reportedly allow clients to pay for products in cryptocurrencies by partnering with the digital asset exchange Crypto.com.
According to a coverage by The Australian, OTR will enable customers to pay for fuel, goods, and services in digital currencies in 170 company locations in South Australia. Not long ago, the convenience store stretched its operations to Victoria. However, it remains unknown whether those will also allow payments in crypto.
Once the move is finalized in July, OTR will become the largest bricks-and-mortar retailer in Australia to accept digital currencies as a payment method.
In addition, the firm’s parent company, Peregrine Corporation, will also embrace crypto settlements at its Subway, Oporto, and Smokemart stores.
Peregrine’s Executive Chairman, Yasser Shahin, said: 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.
Crypto.com’s Asia Pacific General Manager, Karl Mohan, said the partnership will make further inroads in accelerating Australia’s adoption of cryptocurrency. Customers will now be able to pay for goods and services via Crypto.com Merchant Pay at all OTR stores.
Australia has displayed significant enthusiasm toward the cryptocurrency industry recently. At the end of 2021, Federal Treasurer Josh Frydenberg proposed implementing a ‘crypto-asset reform plan’ that could place the nation among the global leaders in the digital asset sector.
The legislation is also expected to improve customer protection and strengthen Australia’s financial system. According to Frydenberg, crypto exchanges should have the same regulations as banks since they hold significant sums of people’s money and investments.
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