9 December 2022

Retail Giant Walmart Outlines Crypto Strategy — Executive Foresees a Lot of Disruption in Payment Options

Retail Giant Walmart Outlines Crypto Strategy — Executive Foresees a Lot of Disruption in Payment Options

Walmart’s global chief technology officer has revealed crypto’s role in the retail giant’s future. “Crypto will become an important part of how customers transact,” the executive said. “We want to make sure that we make it as friction free for customers to be able to transact.”

Executive Discusses Crypto in Walmart’s Future

Walmart Global Chief Technology Officer and Chief Development Officer Suresh Kumar discussed cryptocurrency at Yahoo Finance’s All Markets Summit Tuesday.

Replying to a question about the role of crypto in Walmart’s future, Kumar said: “I think that there are three major areas of disruption. Crypto falls in sort of the middle of it. I have talked before about the way in which customers are getting inspired and discovering products. That is changing.”

He continued: “Part of that is going to happen in the metaverse. Part of that is going to happen on live streams, inside your social media app. So whether it is physical goods or virtual goods, they [crypto] play a part in terms of what the customer wants.” The Walmart executive opined:

Crypto will become an important part of how customers transact. We want to make sure that we make it as friction free for customers to be able to transact, and to be able to buy, and how they are able to derive value out of it.

“And that is where I think a lot of the disruption is going to start happening in terms of different payment methods, different payment options,” he added. “The role of crypto is going to continue to play a very important role in that. And obviously, we want to be there where the customer really needs us to be.”

“The last part of it is how products get discovered, products get delivered. A lot of disruption going on over there,” Kumar noted, elaborating:

When you specifically talk about crypto, it is going to be about discovery of products, whether it is physical or virtual inside, either the metaverse or upfront, and then how people transact.

Walmart filed several trademark applications last year covering cryptocurrency, metaverse, and non-fungible token (NFT) products and services. The retail giant entered the metaverse last month with the launch of Walmart Land and Universe of Play on Roblox.

What do you think about the comments by Walmart’s CTO? Let us know in the comments section below.

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