Crypto.com is shrugging off the “crypto winter” and launching a new payments terminal across more than 440 retail outlets and service stations that will allow Australians to use crypto to pay for petrol, food and beverages.

The global company has teamed with local tech group DataMesh and service station business OTR to launch the new functionality across Victoria, South Australia and Western Australia, that will mean anyone holding a Crypto.com wallet can purchase everyday items.

At time of payment, the merchant selects Crypto.com as the preferred payment type, generating a dynamic QR code on the terminal which is scanned through the customer’s Crypto.com app. The customer then selects and authorises their preferred cryptocurrency for payment, which is settled to the merchant in dollars.

Crypto.com’s local general manager Karl Mohan pointed to his company’s research that said more than half of consumers and businesses surveyed want to transact in cryptocurrency, with one third of Australian businesses saying they are ready now or will be within a year.

“Consumer confidence has declined but still what we discovered was over 55 per cent of consumers and businesses said that ‘if you make this available, we will use it’,” Mr Mohan said.

“That’s very encouraging. Consumers have also said that if an Australian stablecoin was available, they would choose to pay with that.

And what we’ve done with DataMesh is remove the barriers to entry with a single one-stop solution. There is no cost of implementation for businesses, it’s basically just plug and play.”

The research also found that a lack of regulation, price volatility, and to a lesser extent, ­uncertainty about the tax implications, remain barriers to the wider adoption of cryptocurrency transactions.

The price of bitcoin is down by about 44 per cent over the past 12 months and the crypto industry has been plagued by lay-offs with valuations under pressure, but Mr Mohan said Crypto.com was still focused on delivering new products.

In June the Singapore-based Crypto.com laid off 260 employees, or about 5 per cent of its workforce.

“We’ve been very focused on building and delivering on our mission,” Mr Mohan said. “We are still focused on that. Ultimately, the goal is to keep delivering products, and here is a good example of that delivery. And we have far more products in the pipeline as well.”

DataMesh chief executive Mark Nagy said his company built up the functionality in just eight weeks, in what normally takes 12 to 18 months.

“We’re about filling that gap, and the banks can’t do that today because their platforms are just too dated,” he said.

OTR owner Peregrine Group said it had plans to roll out crypto payments to another 250 retail sites across the country.

Extracted in full from: ‘Pay for petrol with crypto’: Crypto.com launches across Australian service stations (theaustralian.com.au)

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