Retail payments solution bypasses AUD for crypto

In an Australian first from today, Australian customers at On The Run (OTR) petrol stations and convenience stores across Victoria, South Australia and Western Australia will be able to use their cryptocurrency to purchase everyday items.

Along with data terminal provider and partner, DataMesh, the solution enables retail merchants and payment terminals to support in-person crypto payments without the need for the customer to convert to fiat currency.

The solution, also soon-to-be rolled out across OTR owner Peregrine Corporation’s 250 other national retail sites, allows the merchant to select Crypto.com as the preferred payment type, generates a QR Code on the terminal which the customer scans through their Crypto.com app, authorises the preferred cryptocurrency for payment and settles it instantly to the merchant in fiat AUD.

“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,” Karl Mohan, General Manager Asia & Pacific at Crypto.com, said.

The solution’s launch comes after it was announced in April this year, with plans to expand the capability to other sites including C Coffee cafes, Smokemart stores and Subway, Oporto and Wokinabox restaurants.

DataMesh Group chief executive, Mark Nagy, said he intends for the solution to “normalise cryptocurrency payments” and will see other businesses looking to implement it as part of their payment capabilities.

“At DataMesh, we strive to find payment solutions that bridge the gap between emerging technologies and our merchants,” he said.

“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.”

OTR customers who pay for items such as such as petrol, coffee and sandwiches with their cryptocurrency of choice will also be offered a two per cent cashback until 16 September.