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Australia gets crypto-friendlier, major grocery chain accepts bitcoin payments

Sydney, Australia.horstmueller_HH/Pixabay

Sat, 13 Jul 2019, 05:24 am UTC

More and more retailers are now accepting payments via bitcoin, and Australia just added another one on the list with the Independent Grocers of Australia (IGA) joining in. Composed of several supermarkets in the country that are owned independently of each other, the IGA teamed up with crypto firm TravelbyBit. This then allows the chain to accept bitcoin payments from customers who prefer to use the crypto coin as a form of tender.

For some context, TravelbyBit is a travel company that accepts payment through popular crypto options like Bitcoin and Litecoin. In an interview with Nugget’s News, TravelbyBit co-founder Caleb Yeoh explains what this deal is all about.

“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,” he said and then later adding, “TravelbyBit is all about supporting the little guy and supporting the decentralised option.”

At this point, it is no longer surprising for any retail chain or entity to accept payment via cryptocurrency. Even major financial entities like JPMorgan are now in on the game and bank integration is expected to cover a wider scope of the crypto market in the future.

This particular deal between TravelbyBit and IGA is simply the two getting ahead of the competition. What’s more, Yeoh expressed quite a bit of enthusiasm with regards to how he wants more merchants to look at crypto coins with a more educated eye. This might explain why his company is not making any money from this deal, Cryptoglobe reports, which is quite the rare sight these days.

“It all comes down to education. Introducing merchants to the world of cryptocurrency so that they may appreciate the benefits in their own time,” he said.

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