The partnership between Crypto.com and DataMesh enables cryptocurrency payments for everyday purchases in Australia. Crypto.com users can purchase gasoline and other items at 175 OTR fuel and convenience stores.
Crypto.com and Australian FinTech company DataMesh announced the first scalable payment solution under a new partnership to enable everyday crypto payments.
The collaboration is set to enable digital payments for some point-of-sale purchases in Australia without the need to convert the funds into fiat money. Notably, however, the securities watchdog also issued new warnings about large cryptocurrency ownership and lack of regulations last week.
Partnership to Boost Domestic Demand
The partnership between Crypto.com and DataMes is reportedly due to increased retail and institutional demand.
The statement underlined that “customers with a Crypto.com wallet can buy everyday items, such as petrol, coffee and sandwiches at 175 OTR fuel and convenience store sites in Victoria, South Australia and Western Australia, using their cryptocurrency, by accessing via Crypto.com to scan a QR code on his/her phone.”
Meanwhile, Peregrine Corp, the owner of the OTR stations, plans to expand the capacity to another 250 retail sites across the country, including some Krispy Kreme stores. Karl Mohan, General Manager for Asia-Pacific at Melbourne-based Crypto.com, stated that Australia is poised for a cryptocurrency revolution, adding the following:
“Our latest research shows that 55% of traders and consumers want to transact in cryptocurrency and this innovation within OTR Stores is bringing these ambitions to life and ensuring Australia is at the forefront of the evolution of crypto payments.”
The companies cited a survey by independent research firm PureProfile, outlining the demand for and obstacles to cryptocurrencies as an everyday payment solution. According to the survey, within a year, a third of merchants say they are or will be ready to accept cryptocurrency payments, while 60% would be ready within three years.
DataMesh Group CEO Mark Nagy had this to say:
“We know that merchants are looking to many alternative payment instruments, including crypto, as an opportunity to diversify their payment flows and attract new customers, so we are determined to offer integrated processing capabilities that make crypto payments fast and accessible to all involved.”
Meanwhile, Australia’s securities watchdog declared last week that cryptocurrency ownership in the country makes a “strong case for regulation.”
ASIC Continues to Push for Regulations
A survey of 1,053 individual investors conducted in November by the Australian Securities and Investments Commission (ASIC) found that cryptocurrencies came in just after the equity asset class in the national market as the most popular investment option.
Of the 44% of retail investors who held crypto, about 25% held it as their only investment, the researchers noted. But interestingly, ASIC emphasized that more people turned to YouTube videos and other social media platforms for information. Essentially choosing influencers over expert financial advisors to make these digital investment decisions.
ASIC President Joe Longo stated that, “with so many new investors active in the financial markets, the research builds on our understanding of retail investors and helps us consider where our regulatory efforts are warranted.”
That said, the Reserve Bank of Australia (RBA) had previously announced a year-long research project into the benefits and drawbacks of a central bank digital currency (CBDC).
By Audy Castaneda
