You can now buy coffee and donuts with crypto | information age

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You can now buy coffee and donuts with crypto |  information age

It will be 0.0021 Bitcoin, thank you. Photo: Shutterstock

A few weeks after the Reserve Bank of Australia (RBA) announced the trials of an official cryptocurrency, a new retail venture will allow Australian crypto holders to buy petrol, coffee, donuts and other goods at 175 stores without first converting crypto to fiat currency.

The first global service, announced by technology company DataMesh Group and OTR, will allow customers at OTR’s 175 fuel and convenience stores – 24/7 operations spread across Victoria, SA and WA which include Krispy Kreme, Hungry Jack’s, Porto, Subway and other brands – to pay for purchases directly from their Crypto.com wallets.

Enabling payments required an upgrade to the point-of-sale DataMesh payment terminals, which display a QR code that customers scan with the Crypto.com app on their phone.

Payment is taken from the customer’s Crypto.com wallet in cryptocurrency and then settled by Crypto.com Pay the merchant gateway, which launched in Australia in April and enables real-time transactions by converting between 25 different cryptocurrencies.

Pay Merchant converts cryptocurrency to AUD and deposits it into the merchant’s account in real time.

OTR’s parent company, Peregrine, also plans to roll out the capacity to 250 other retail locations, including Krispy Kreme stores in South Africa and the Northern Territory.

Customers who pay with crypto will receive a 2% cashback incentive until September 16.

Enabling direct cryptocurrency payments for its goods and services “is about giving customers choice and making their lives easier,” said Peregrine Corporation Executive Chairman Yasser Shahin. announcing the new payment option, adding that “the decision to offer cryptocurrency payments is centered on this story by providing our customers with convenience in how they pay.”

A new release investigation of over 2,000 Australian consumers and 500 merchants, conducted by PureProfile and sponsored by Crypto.com, found that 55% said they wanted to be able to transact in cryptocurrency – primarily Bitcoin and Ethereum – and a third wanted this is possible for in-store and online purchases.

A third of merchants surveyed said they were ready to transact using cryptocurrency, or would be ready within a year, while 60% said they would be ready within three year.

Finally normalizing crypto?

The introduction of direct cryptocurrency payments for everyday purchases marks a milestone in the maturity of cryptocurrency, whose wild swings in value have made it both an investor’s darling and an economist’s nightmare.

Bitcoin’s 2020 Surge Beyond $28,800 (US$20,000) Had Proponents affirming the currency was growing in popularity as an alternative to gold, with startups promoting the idea of buy houses with crypto and the massive Tesla Bitcoin investment helping to triple its price.

The enthusiasm ran hot until a correction last year was exacerbated by this year’s global disruption – explode the bitcoin miracle as a cryptocurrency lost five years of gains, leading Tesla to unload most of his holdings.

This instability led the Reserve Bank of Australia (RBA) last year to to declare that the cryptocurrency would never be legal tender for everyday purchases in Australia – but even that resistance is easing, after the RBA this month announcement that it will soon partner with the Digital Finance Cooperative Research Center (DFCRC) for a one-year government-backed trial central bank digital currency (CBDC).

Because they are official, government-backed financial instruments – the Australian Treasury is a part of the retrial – CBDCs avoid the instability of conventional cryptocurrencies, which is why they have been this year supported in an executive order from US President Joe Biden.

This support makes them attractive alternatives to conventional cryptocurrency that could be widely adopted as a low-risk mode of payment, enabling the ubiquitous deployment of point-of-sale payments like those Peregrine now offers.

“CBDC is no longer a matter of technological feasibility,” said DFCRC CEO Dr. Andreas Furche. “The key research questions now are what economic benefits a CBDC might enable and how it might be designed to maximize those benefits.”

Despite Bitcoin’s recent fall, the cryptocurrency sector continues to gain support from across the tech industry – with a recent analysis finding that large corporations invested over $8.6 billion ($6 billion) in blockchain, crypto and web3 startups between September 2021 and June 2022.

Commonwealth Bank of Australia’s investments in Lygon, Xpansiv and Gemini helped it rank ninth on the list of biggest investors, just behind Microsoft and ahead of financial services leaders like Citi, Wells Fargo and American Express. .

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