Coca-Cola Amatil has announced it will accept various cryptocurrencies at its vending machines around Australia and New Zealand. Not only is it riding on the growing acceptance of alternative currencies, but it also demonstrates the role crypto payments could play in a touchless economy. We explore the insights behind this and how people are using cryptocurrencies to purchase everyday items.
To enable cryptocurrency payments at vending machines, Coca-Cola Amatil has worked with New Zealand-based digital start-up Centrapay. QR codes are being placed on over 1,000 vending machines in Australia and New Zealand. To purchase an item, people with Centrapay’s Sylo smart wallet app, which features a digital wallet for cryptocurrencies, can scan the QR code and pay using their preferred currency. The payment method also addresses COVID-19-related concerns around touching things in public – using the QR code system reduces the need to handle cash or cards. "We want to ensure customers can transact with us in their preferred currency, so accepting digital assets is the next step for us as digital assets become more popular," says a spokesperson for Coca-Cola Amatil.
Aussies are opting for mobile payments more than ever before. The Reserve Bank of Australia has found that preferences for in-app or mobile transactions have grown for small transactions, signalling that touchless transactions could become more favourable, especially in light of an uptick in hygiene concerns due to COVID-19. Meanwhile, though cryptocurrency presence is growing in Australia, it is only resonating with some. In fact, only 18% of Aussies say they have a completely positive attitude towards cryptocurrencies. And although 80% know about cryptocurrency, only 1% use it to spend. Centrapay’s wallet system demonstrates how cryptocurrency can be introduced into FMCG products, making it more accessible for Australians. Likewise, in the US, Spedn’s crypto wallet allows Americans to pay for products in-store using their preferred cryptocurrency.
Luana Sambell is a behavioural analyst at Canvas8. She holds a master's degree in consumer behaviour and is passionate about cultural trends and the latest happenings in retail. Outside of work, you can find her exploring different cultures through food or catching live music whenever possible.
