Despite the persistent sell-off in the crypto markets in the last couple of months, crypto adoption is still in full swing, with many countries integrating crypto use into their financial systems.
The latest country on the list is Australia, where consumers can now pay for goods and services, including gasoline using cryptocurrency. This service has been made possible thanks to a partnership between payment provider DataMesh Group Pty Ltd and Crypto.com. On launch, customers will be able to pay for gas and other services from at least 175 OTR service stations.
As part of Crypto.com’s strategic partnership with DataMesh Group Pty Ltd, Crypto.com users will be able to pay for gas and other services by scanning a QR code available on the DataMesh payment terminal, linked to their Crypto.com wallet. Additionally, users can select the type of cryptocurrency they want to use to make payments. Once processed, merchants will be paid in Australian dollars.
While both companies work on rolling out the services throughout Australia, at the moment, crypto users can only access this service in Victoria, South Australia, and Western Australia. In the next couple of months, OTR plans to launch the feature in 250 more locations across the country, including SA and Northern Territory.
OTR welcomes the introduction of crypto payment, lauding it as an important milestone as the company has always wanted to give customers innovative options. As part of its objective of making payments easy for users, OTR plans to roll out additional payment options in the coming month. With the integration of crypto payment at OTR service stations, users can choose between cash, card, or crypto payment options when paying for services.
According to Roy Morgan, a leading research firm in Australia, over 1 million Australians own at least one type of digital currency and will significantly benefit from this move.
Growing crypto adoption globally
While Australia is only just catching up in terms of widespread crypto adoption, countries like El-Salvador made the leading cryptocurrency, Bitcoin, its legal tender last year. In Zimbabwe, there is ongoing legislation seeking to make Bitcoin a legal tender.
Away from countries, even the top automaker Tesla, at one point last year, adopted cryptocurrency payment. As the crypto markets are showing signs of recovery after sustained pressure, analysts expect crypto adoption to continue growing in the coming years.