Need milk and bread? Use your crypto at 170 Aussie convenience stores!
The viability of crypto as a currency for everyday purchases has yet to be proven. Australian convenience store chain, On The Run (OTR) is giving it a go, however, announcing that 170 outlets across South Australia and Victoria will accept over 30 cryptocurrencies.
OTR is owned by Peregrine Corporation, which will also accept the digital currency at Subway, Oporto and Smokemart stores. This functionality will be available from July.
This is significant news as Peregrine is, by a massive margin, the largest company in Australia to try crypto as a standard payments system. The company is working with Crypto.com and utilising its Pay Merchant solution to power payments.
However, the question remains whether crypto, infamous for its peaks and crashes, will be a useful resource for consumables and other low-value items. Buying a luxury car or house using crypto is one thing – it’s a purchase you will make once (well, most people will only make once). Consumers might not be so comfortable buying their daily bread with crypto when the ticket price could fluctuate between bargain and over-inflated over the course of a day.
Still, as an option for payments, unlocking people’s ability to use their crypto would seem to be the smart move. A survey by Crypto.com in February suggested that 40 per cent of consumers are already paying for things using crypto, and the rest would like to within the year. Crypto.com has a vested interest in encouraging this activity, but the interest in crypto as a currency is undeniable.