Australian Retail Shops Adding a Cryptocurrency Payment Option

Live Bitcoin News
Live Bitcoin News August 14, 2019
Updated 2019/08/26 at 1:08 PM
5 Min Read

Australia is once again proving that it is on the forefront of cryptocurrency innovation, but this time it has little to do with exchanges or government.


A private entity, the Independent Grocers of Australia, has decided to allow people to pay for all of their groceries using Bitcoin while making purchases within the network. This is huge news for Bitcoin in general, as it would be adding around 1400 retail locations across the entirety of Australia, bringing additional legitimization to cryptocurrencies in the daily lives of the average person and providing a more regular stream of exchange for the currency.

This would mark the addition of another industry into the fold of those that accept cryptocurrency payments for their services. While most of the Aussie crypto updates were historically coming from the Australian casino news websites and iGaming industry in general, the Independent Grocers showed the world that there was a reason for cryptos to be accepted as an everyday currency. Just like with casinos, this change might be bringing some innovation into how the world sees cryptocurrencies, and make way for other countries considering cryptocurrencies as a more acceptable payment vehicle in the future.

In order to be able to start accepting cryptocurrencies, the IGA has partnered with TravelBit. The companies integrated their systems into each other and now IGA is equipped with all of the Point-of-Sale hardware and software in order to be able to start getting paid in cryptocurrencies. The system supports Bitcoin, Ether, Litecoin and Binance Coin. This will provide all potential buyers with an ability to trade with the coin they find to be the most useful to them.

The co-founder of TravelBit, Caleb Yeoh, has been flaunting the ability to purchase any of his desired supplies with the help of cryptocurrencies and was specifically referring to one of his favorite grocery stores when talking about purchasing milk, eggs, fruit, vegetables or anything his heart desires.

But TravelBit is not stopping there. The company has made it their goal to create POS systems for the entirety of the travel and tourism industry, enabling all users who want to do so to book their travel and purchase their goods with the use of cryptocurrencies. Any retailer that wants to accept crypto payments will be able to do so with the help of the POS system that the company has created. In order to be able to do so, TravelBit partnered with Bitcoin. The result was the creation of a POS that can be used to allow anyone to use cryptocurrencies as a payment method in any airport in the world. Binance, another company that has partnered with the rest for this purpose, invested $2.5 million into the project.

Bitcoin and cryptocurrencies, in general, have been seeing more and more acceptance among retailers. Specifically, before Australia, a number of businesses within the South American continent decided to start accepting Bitcoin as payment. In Brazil, Oasis Supermercados has started using the Coinbase system as the basis for a cryptocurrency payment system. There have been a number of chain markets and individual retailers accepting cryptocurrencies as payments, while it is reported that since 2018, a butcher shop located within Cordoba has been doing the same. The trend is only going to continue to catch on as more and more retailers get interested in accepting cryptocurrencies as a payment option. With POS systems becoming more available and easier to access for everyone, more and more retailers will be willing to start dealing with digital cash in order to interest more traders and clients in working with them.



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