According to reports, OTR will become Australia’s largest brick-and-mortar retailer to take digital assets as payment.
By working with the digital asset exchange CryptoCom, On The Run (OTR), an Australian convenience shop with international locations, would purportedly allow customers to pay for merchandise in cryptocurrency.
OTR’s Crypto Dive
OTR would allow users to pay for petrol, goods, and services in digital currencies in 170 South Australian company sites. The convenience store recently expanded its operations to Victoria. However, it is unknown whether these will also accept cryptocurrency payments.
When the change is completed in July, OTR will be Australia’s largest brick-and-mortar retailer to take digital currencies as a payment mechanism.
Furthermore, the company’s parent company, Peregrine Corporation, will accept cryptocurrency payments at its Subway, Oporto, and Smokemart locations. Yasser Shahin, Peregrine’s Executive Chairman, commented on the situation:
“The incredible rise and widespread acceptance of cryptocurrency adoption in Australia and the rest of the world has provided us with a clear opportunity to tap into the momentum of this fast-growing market for the benefit of our clients.”
Karl Mohan, Asia Pacific General Manager at CryptoCom, stated that the collaboration will “make more advances in increasing Australia’s adoption of bitcoin.” “Customers will now be able to pay for goods and services at all OTR stores using CryptoCom Merchant Pay,” he stated.
Australia has focused on cryptocurrency.
Recently, Australia has shown a lot of interest in the bitcoin market. Federal Treasurer Josh Frydenberg advocated enacting a “crypto-asset reform plan” towards the end of 2021, which may position the country among the world leaders in the digital asset sector.
The measure is also expected to enhance Australia’s financial system and boost client protection. Crypto exchanges, according to Frydenberg, should be subject to the same laws as banks because they contain “large sums of people’s money and investments.”
Prior to it, Jane Hume, the Australian Finance Minister, stated that digital assets are not a “fad.” On the contrary, she believes that bitcoin and other cryptocurrencies have risen significantly over the years and have “caught the hearts and minds” of Australians.
Hume also mentioned Decentralized Finance (DeFi). She predicts that in the future, it will “offer enormous opportunities.” “Australia must not be left in the dust by the unknown,” she added.