Last Thursday, On The Run (OTR), a convenience store and petrol station brand, added crypto payment assistance to all 175 of its petrol stations and convenience stores across Victoria, South Australia (SA), and Western Australia (WA).

As previously reported, the move is part of a partnership between OTR, Singapore-based exchange Crypto.com, and DataMesh, a Sydney-based payment systems provider.

As a payment settlement layer, the exchange provided its Pay Merchant service, while Datamesh provided the point-of-sale terminals.

In an interview with Cointelegraph, Crypto.com's Asia & Pacific general manager Karl Mohan stated that it only took "eight weeks from the time of proof of concept to the point of actually obtaining a fully scalable production-ready environment."

Mohan noted that while the infrastructure was initially installed in 175 OTR stores, the crypto payments service is now operationally ready to expand much further.

"Now, any merchant, whether you're a cafe owner or someone who runs thousands of stores, can just plug and play," he explained.

In addition to the 175 locations, OTR's parent company, Peregrine Corp, plans to expand the crypto payments service to another 250 retail locations across the country, including Subway, Oporto, and Krispy Kreme.

Mohan also mentioned that Crypto.com does not charge any transaction fees in this context. Nevertheless, the merchant will charge fees and will set their own rates. This could imply that transaction costs are comparable to those of fiat card payments.

When asked what is required to make crypto payments widely accepted in the country, particularly given the tax implications of doing so, Mohan suggested that the use of an Australian dollar-backed stablecoin may be the key.

"Bitcoin and Ethereum are already at the top of the list due to their market capitalization. However, many consumers have stated that they are willing to accept and begin paying with Australian stablecoins."

"We've made the system available, and if you've seen ANZ introduce the Australian dollar stablecoin, and we see these types of stablecoins becoming available, I really believe it will become mainstream," he continued.

So far, the ANZ bank has only pilot tested its A$DC stablecoin for private institutional purposes; however, if it is ever made available to the retail market, Mohan stated that "we would love the opportunity to collaborate with any financial or any Australian deposit-taking institution that is eager to introduce a stablecoin."

Posted 
Aug 24, 2022
 in 
Digital Lifestyle
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