Australian residents can now use crypto assets to purchase petrol and a number of other goods, indicating that the new asset class is gradually cementing its place among other commonly used commodities.
According to the report, the cryptocurrency exchange Crypto.com is making this happen via a new partnership with DataMesh Group Pty Ltd, a payment terminal provider, and OTR.
The new payment gateway launched for Australian residents in collaboration between the three business entities is regarded as the world’s first scalable solution that enables payment terminals and merchants to support in-person crypto payments without fiat conversion.
The report says that customers holding a Crypto.com wallet can now buy everyday items, including petrol, coffee, and sandwiches across 175 OTR fuel and convenience store sites across Victoria, South Australia, and Western Australia using their cryptocurrency.
Payments are made seamless for customers by using Crypto.com App to scan a QR code on their respective phones. The report added that Peregrine Corp, the owner of OTR, also plans to launch the same capability on another 250 retail platforms in the country.
Reacting to the new development, Karl Mohan, Crypto.com General Manager Asia & Pacific, said Australia is ripe for a crypto revolution as interest in crypto payment grows among consumers and businesses. He said cryptocurrency is now seen as an alternative to cash or credit in the country.
Karl Mohan noted:
“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.”
Also, DataMesh Group CEO, Mark Nagy, said he believes that the new development will improve the use of crypto as a payment option in Australia. He added that it will also make other businesses consider adding crypto to their existing payment suite.