Peregrine Corporation to allow crypto payments to its retail customers via Crypto.com
Peregrine Corporation, a South Australian group of private companies, will work with Crypto.com to enable its customers to pay with cryptocurrencies across all its retail operations in Australia.
DataMesh Group, a technology and payments company, is enabling this partnership by onboarding Crypto.com as a payment acceptance type across Peregrine Corporation’s in-store point of sale terminals.
With this partnership, Crypto.com officially launches Crypto.com Pay Merchant, a payment gateway for merchant services in Australia, following the successful launch of its App and the direct issuance of Crypto.com VISA cards in Australia last year.
From July, Australians will be able make payments in cryptocurrencies at more than 170 On The Run (OTR) convenience operations and Smokemart & Giftbox outlets owned by Peregrine. The sites include service stations, C Coffee dine-in and drive through cafes, Subway, Oporto & Wokinabox restaurants.
Yasser Shahin, Executive Chairman of Peregrine Corporation said, “The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal and has offered us a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers.
“Our payments partner DataMesh has enabled Peregrine to take advantage of emerging payment trends and be a market leader in offering our customers alternative payment choices across our point-of-sale terminals. This is part of the trend that sees OTR as a leader in payment innovation.
“Crypto.com is a world-changing platform. It is synonymous with the future of technology, payments and business. We are excited that our collaboration with Crypto.com and DataMesh has enabled this capability, and I look forward to our customers embracing this innovative and convenient way to engage with us.”
Crypto.com General Manager Asia & Pacific, Karl Mohan said, “This landmark partnership enables us to walk the talk on what we set out to do when we first launched in Australia: support our customers to pay with cryptocurrencies at real-time market prices and avoid the cost and hassle of fiat conversions. We’re thrilled to be bringing this vision to life with one the most trusted companies in Australia.”
The new partnership follows recent global research launched by Crypto.com and Worldpay from FIS which found that 75% of Crypto.com customers around the world are interested in purchasing goods or services with cryptocurrency in 2022. At the same time, 60% of Worldpay’s merchants are eager to accept cryptocurrency as payment for goods and services.
This is despite a huge disparity between customers and merchants that transact in crypto today, with 40% Crypto.com customers already paying with cryptocurrency versus 4% of merchants accepting such payments.
The retail sector is one of the top two industry segments where both consumers want to spend their crypto, and merchants are looking to innovate.
Mohan added, “Cards that allow customers to convert their crypto holdings to fund fiat purchases – such as Crypto.com’s Visa card and reward program – are becoming increasingly popular. With ~65% of Crypto.com customers using their Visa card, the consumer demand is clear.
“As the cryptocurrency sector continues to become mainstream – with ~23% of Australians holding crypto today – creating avenues for people to spend their crypto in the real world are becoming increasingly important.
“A note to merchants: customers are ready when you are! This is a great opportunity to increase your addressable market, reduce dispute costs and lower transaction fees.
“Australia continues to be a key focus of our global expansion strategy due to its crypto-friendly environment and robust customer protections.
“With our recent initiatives, we have cemented our position as a trusted reputable brand in SA, and will look to work with other acquirers, payment service providers and large marquee businesses across the country,” concluded Mohan.