Australians Can Now Pay For Fuel Using Crypto
Navigasi - Australians can now pay for fuel using Bitcoin (BTC) and other cryptocurrencies at refueling and convenience stores under the On The Run (OTR) brand for services powered by Crypto.com.
|Australians Can Now Pay For Fuel Using Crypto|
In a blog post published on August 18, cryptocurrency exchange Crypto.com indicated the service is available at 175 OTR fuel stations in the states of Victoria, South Australia and Western Australia.
Crypto.com offers Pay Merchant services as a payment settlement platform, while Sydney-based payment system Datamesh provides a point of sale terminal.
Rising Demand for Crypto Payments
According to Crypto.com, Asia & Pacific General Manager, Karl Mohan, crypto payment options are required by the growing demand for cryptocurrencies, with merchants increasingly opting to leverage digital assets.
"Our latest research shows 55 per cent of merchants and consumers want to transact in crypto, and this innovation in OTR stores is bringing this ambition to life and ensuring Australia is at the forefront of the evolution of crypto payments," said Mohan, quoted from Finbold, Monday (22/8/2022). ).
Under the plan, Crypto.com will charge zero fees on transactions, but there will be fees on the merchant's end, who will set their own rates.
Crypto Regulation Debate
Amid the increasing popularity of crypto, Australian regulators have indicated digital assets have risen to the mainstream. As reported by Finbold, chairman of the Australian Securities and Investments Commission (ASIC), Joe Longo noted the rise in assets such as Bitcoin and Ethereum (ETH) means there is a need to regulate the sector.
At the same time, even though merchants and consumers are showing a preference for Bitcoin and Ethereum transactions, there is still a huge demand for stablecoins backed by the Australian dollar.