The cryptocurrency space is gaining more attention in different sectors and purposes. More people and businesses are embracing the use and applications of digital assets. As the world becomes a global village, technological processes and inventions are increasingly taking the upper hand. The flow is moving even towards virtual assets.
With the belief that everything will become digitalized in the future, the idea involves even currency. Blockchain technology, on which cryptocurrencies rely and function, has proven the security and confidentiality of crypto transactions. Moreover, cryptocurrency sensitizes the public about their products and services for some brands.
Some are accepting digital assets as payment means to increase their customer base. In addition, the ease and convenience of transferring cryptocurrencies make them more reliable for users and businesses.
There’s a current plan for On The Run (OTR) convenience store and gas station giant to include cryptocurrencies as part of its payment options.
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This plan will cut across 170 outlets of the company throughout South Australia and Victoria. With this plan, customers can make payments with more than 30 cryptocurrencies for snacks, gas, and Sunway foot long.
Peregrine Corporation, the OTR’s parent firm and one of the largest Couth Australian private companies, will not be left out. The firm will also accept crypto assets at Subway, Smokemart stores, and Oporto. By finalizing the plan in July, the company will become the largest in the country to adopt crypto payments for in-store.
To implement its plan, the company is partnering with Crypto.com, a crypto exchange based in Singapore. The crypto exchange will flag off the Pay Merchant as the company’s settlement layer.
Furthermore, a Sydney-based payment system provider, Datamesh, is expected to install some Point-of-Sale terminals. Such terminals will provide payments points for customers using the crypto holding through Crypto.com.
Need for Implementing Cryptocurrency Payment For Peregrine Corporation
According to Peregrines chairman, Yasser Shahin, based on the progressive growth of cryptocurrencies, using the assets as a payment option is a timely opportunity to join the flow.
He mentioned that the advancement of crypto and its acceptance in the mainstream within Australia and other countries worldwide had followed a phenomenal process. Hence, it’s a clear opportunity for them to join the fast-growing train of cryptocurrency space.
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The retail and grocery merchants are the most willing to adopt crypto-assets for payment among the industry sectors. However, they are tied with luxury goods providers, with each category valued at 80%.
Crypto.com released a survey in February showing that just 4% of the world’s merchants are accepting crypto as payment. But it revealed that about 60% of the merchants had an interest in crypto payment over the next 12 months.
This result shows that global customers already using crypto as a payment option are about 40%. The left out 60% indicated their interest, but that will be in the next 12 months.
As using cryptocurrency is progressively prevalent in Australia, its government is making more moves for adequate regulatory measures on its use.
For example, in March, Senator Andrew Bragg announced the Digital Service Act (DSA). This legislative proposal will reform the market licensing, taxes, and custody of virtual assets in Australia.
Featured image from Pexels, chart from TradingView.com