Australia made a big step towards cryptocurrency acceptance last week. Independent Grocers of Australia (IGA), a network of 1,400 independent retailers spread all over Australia, started accepting Bitcoin and a number of other cryptocurrencies.
The best thing, the new shopping experience is no different from an old one. As there’s no need to install any app, shoppers simply go to the cashier and pay for their groceries.
To make this happen, IGA partnered with TravelbyBit, an Australia digital currency tourism company. The company equipped all the IGA stores with a TravelbyBit’s point-of-sale (POS) devices that supports payments in Bitcoin, Ether (ETH), Litecoin (LTC), and Binance Coin (BNB).
Caleb Yeoh, a co-founder of TravelbyBit, told NuggetsNews reporters:
“Regardless of whether I’m buying eggs, milk, fruit, or vegetables, I now have a way to pay for my groceries with cryptocurrency. The same goes for any other cryptocurrency owners shopping at Bowen Hills IGA.”
Yeoh also disclosed the fact that TravelbyBit has zero profit from its point-of-sale integration service in IGA. They impose no installation fees, have no commission and no profits from currency exchange.
“TravelbyBit is all about supporting the little guy and supporting the decentralized option,” he explained. It’s about education: By incorporating POS devices in 1,400 IGA merchants, they are introducing merchants to the cryptocurrency so that they may understand the benefits.
Cryptocurrency point-of-sale integration is TravelbyBit’s side-project, its fast-growing principal business is a crypto-friendly travel booking agency, Yeoh explained in the interview. In this line of business, TravelbyBit collaborated with Bitcoin to launch POS payments and incorporate blockchain technology in major airports across the globe. For this, Binance reportedly had invested over $2.5 million.
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