Australian Fuel station brand On The Run (OTR) accepts crypto payments in its 175 fuel stations. Bitcoin, Ethereum, and Australian stablecoins are accepted to sell fuel in 175 outlets in collaboration with global crypto exchange Crypto.com and a Sydney-based payment systems provider DataMesh.
This initiative started on 18th August 2022, with petrol stations and convenience stores across Victoria, South Australia (SA), and Western Australia (WA) accepting crypto payments.
Crypto.com’s General Manager, Asia & Pacific, Karl Mohan highlights the increasing demand for crypto payment among Aussies.
“Our latest research shows that 55% of 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,” Mohan said.
Not only fuel stations, Peregrine Corp, On The Run’s parent company is working on introducing crypto payments to another 250 retail companies including Subway, Oporto, and Krispy Kreme.
Questioned on what is needed to make crypto payments widely adopted in Australia, especially given the tax obligations of paying with digital assets, Mohan responded that the utilization of an Australian dollar-backed stablecoin 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.”
Australian Securities and Investments Commission (ASIC) understands that there is a need for regulating the sector with the rise of cryptocurrencies like Bitcoin, and Ethereum users in the country.
According to a report released by ASIC, there are 44% of retail investors owned digital assets in this country. ASIC also noted that there is a huge demand for a stablecoin backed by the Australian dollar, and they are working on unveiling a regulatory framework for the sector.