Business

Erik Gibbs

Aussie grocery store chain IGA starts accepting crypto

One of the largest grocery store chains in Australia now allows its customers to pay for their purchases using cryptocurrency. The Independent Grocers of Australia (IGA), which operates almost 1,500 stores in the country, has joined forces with crypto payment solution TravelByBit to accept digital currencies, starting with one location before expanding to others. As far as countries go, Australia continues to be a pioneer in crypto adoption and this latest partnership further cements that position.

TravelByBit co-founder Caleb Yeoh, in an exclusive interview with Nugget’s News out of Australia, announced the partnership, adding that he approached the grocery chain after realizing the opportunity existed to bring crypto payments to the stores. He is a regular shopper of the chain’s Bowen Hills location and explains, “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.”

While many will quickly jump to the conclusion that Yeoh may have been financially motivated to seek the partnership—picking up a percentage of sales would be a huge boost to any wallet—the crypto pioneer is quick to point out that TravelByBit is not earning any revenue from the arrangement. It is installing its own point-of-sale (POS) systems in the stores and doesn’t collect any installation fees, commissions or profit from exchange rates.

The reason for the move, says Yeoh, is simple. It’s all about providing better awareness of, and access to, digital currencies. He adds, “It all comes down to education. Introducing merchants to the world of cryptocurrency so that they may appreciate the benefits in their own time.”

Australia-based TravelByBit, which began as primarily an online travel agency where consumers could pay for their trips using crypto or fiat, has expanded to help create further crypto adoption in Australia. To date, in addition to the IGA X-press Bowen Hills location, the company has POS solutions in more than three hundred retail locations in the country. It also operates a merchant map in Australia that allows users to see where crypto enthusiasts can use their digital money.

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