Cryptocurrency trading platform Crypto.com has taken another step in its bid to develop a crypto payments market in Australia, launching a trial at Adelaide Oval that will run through the AFL season.
Crypto.com, which claims 80 million users in 90 countries, is working with financial services software company DataMesh, which is providing the payment technology and terminals.
People who have Crypto.com accounts will have the option of paying with cryptocurrency when they buy food and drink at the venue. When they select cryptocurrency at the checkout, the terminal will generate a QR code that they will scan with their Crypto.com app.
They can then select from among more than 200 tokens supported by Crypto.com when making the payment.
Crypto.com Asia Pacific general manager Karl Mohan said the service gives consumers the opportunity to pay with a different source of funds and, like any new payment method, gives merchants an opportunity to increase sales.
The company has research which shows a large number of consumers want to have the option of paying with crypto.
The trial has the support of Adelaide Oval and the Adelaide Crows AFL team.
This is not Crypto.com’s first crack at retail payments in Australia. In 2022, it launched a payment service at 175 OTR convenience and fuel stores stores in South Australia. OTR is owned by Peregrine Corp.
Mohan said Crypto.com is still providing the service, which is also being done in partnership with DataMesh, but declined to give any details about the number of users or spend.