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Walmart’s Chief Believes Crypto Will Emerge As “Major” Payment Game-changer

Suresh Kumar, Walmart’s global chief technology officer, believes that cryptocurrency will be a “major” source of change in the future, especially in how customers pay for real and virtual goods. 

Kumar talked about Walmart’s positive view of digital assets at the Yahoo Finance All Markets Summit on October 17. He said that “crypto will become an important part of how customers transact” for both physical and digital goods.

He said “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.”

Kumar also said that a lot of customers will be reached through the Metaverse and live streams on social media apps, and that cryptocurrency could be a big way to pay in these places. This may be why Walmart recently launched Walmart Land in the Roblox Metaverse at the end of September. There are games, a DJ booth, and a Ferris wheel, all of which are virtual. The company also sells “verch,” which is virtual merchandise for the avatars of users.

At this point, crypto and non fungible tokens (NFTs) are not part of the Roblox metaverse. But Walmart has said in January patent filings that it might try to make digital currencies, tokens, and non-fungible tokens (NFTs) in the Metaverse at some point in the future.

There have been rumours for a while that the multinational retail giant was working on adding support for crypto payments, but so far there have only been false alarms, like the fake deal with Litecoin that was announced in a questionable press release in September of last year. Although some companies also believe that cryptocurrencies will make it easier to do business, and with proper adoption might also make it easier to conduct cross-border transactions.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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