Peregrine Corporation, a private company group owned by the Shahin family, will work with Crypto.com to enable its clients to pay with crypto across all its retail operations in Australia.
DataMesh Group, a tech and payments firm, is enabling this partnership via Crypto.com as a payment acceptance type across Peregrine Corporation’s in-store point of sale terminals.
What does Peregrine’s deal with Crypto.com mean?
With this partnership, Crypto.com officially launches Crypto.com Pay Merchant, a payment gateway for merchant services in Australia. This deal follows the successful launch of its App and the direct issuance of Crypto.com VISA cards in Australia last year.
From July, Aussies will be able make payments in crypto at over 170 On The Run (OTR) convenience operations and Smokemart & Giftbox outlets owned by Peregrine such as; C Coffee dine-in and drive through cafes, Subway, Oporto & Wokinabox restaurants.
Yasser Shahin, Executive Chairman of Peregrine Corporation said: “The growth of crypto in Australia and the rest of the world has been phenomenal and has offered us an 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 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.”
What is the reach of crypto payments in Australia?
Crypto.com General Manager APAC, 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 clients to pay with crypto at real-time market prices and avoid the hassle of fiat conversions. We’re thrilled bring this vision to life with one the most trusted companies in Australia.”
The partnership follows recent global research1 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 crypto 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 crypto Vs. 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.
Mr Mohan added: “Cards that allow clients to convert their crypto holdings to fund fiat purchases – like Crypto.com’s Visa card and reward program – are becoming popular. With ~65% of Crypto.com customers using their Visa card, the consumer demand is clear.”
“As the crypto sector becomes mainstream -23% of Aussies holding crypto today – creating avenues for people to spend their crypto in the real world are becoming 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.”
This is Crypto.com’s second partnership in South Australia, after announcing an extensive multi-year agreement to sponsor the Adelaide Football Club earlier this year.
“Australia is a key focus of our global expansion due to its crypto-friendly environment and robust client 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 Mr Mohan.