Motorists will no longer need to fumble for cash or card to fill up the tank with cryptocurrencies now accepted at more than 150 service stations across Australia.
Roy Morgan data from earlier this year shows more than 1 million Australians own some form of cryptocurrency and the move will allow them to use it to pay for everyday purchases from the OTR service station chain.
“It’s simply like another form of payment,” Datamesh CEO Mark Nagy told Sunrise.
“Whether you’re using a credit card or debit card or paying by cash, you simply open the crypto app on your phone and when the time’s right, you scan the barcode that comes up on the screen and you’re away – it’s really quite straight forward.”
By scanning a QR code, you can link your transaction to your crypto wallet to pay at more than 150 participating OTR service stations across Victoria, South Australia and Western Australia.
The option is being expanded to include Giftbox stores nationally, and even Krispy Kreme donut stores in some states, with crypto coins converted on the spot to Australian dollars.
“We want to give the customers the choice so if they choose when they come and they buy a pie, or a Krispy Kreme donut … it’s their choice if they want to use crypto to pay or if they want to use cash or credit card,” said Peter Pillouras from Peregrine Corporation, which operates OTR petrol stations.
Bridging the gap
Being able to facilitate crypto transactions in bricks and mortar stores has been complicated for many businesses due to technology restraints – until now.
“We have solved that problem with our innovation with Datamesh to launch a new highly scalable, innovative platform which will allow consumers to pay seamlessly with crypto,” Karl Mohan from Crypto.com explained.
The Datamesh terminals are bridging the gap by making the process easy for both customers and merchants, without the need for businesses to take on the burden of things like exchange rates.
“One of the big things we’ve actually done is to make the process simple,” Nagy said.
“If it’s cumbersome, especially in fuel and convenience where there’s a lot of high volume traffic through, you don’t want to be holding it up.”
The rise of crypto
Research from Finder has found that more than 2.6 million Australians own some form of crypto, with Bitcoin the most popular, followed by Ethereum and Dogecoin.
According to Finder, the crypto ownership rate in Australia sits at 22 per cent, higher than the global average of 15 per cent.
Many of those who own crypto indicated that they want to use the currency as more than just an investment.
“Currently over 53 per cent of merchants are saying that they are wanting to actually offer crypto as a payment option instead of just cash and credit,” Mohan said.
“Consumers are also demanding that because they see that as an opportunity for fast secure and highly rewarding means of payments.”