Suresh Kumar, Walmart’s Chief technological officer (CTO), speaking at the Yahoo Finance All Markets Summit on October 17, outlined Walmart’s stance on cryptocurrency.
He said he envisioned a future where cryptocurrencies will be used in Walmart’s online stores and other stores globally. Cryptocurrency would play a vital role in customers’ physical and virtual transactions in the metaverse.
He mentioned two areas that will enhance crypto’s disruption of the traditional financial sector – Improvements in customer experiences and driving efficiencies in the supply chain.
He describes cryptocurrency as crucial to Walmart’s digital strategy from now on. He added that a massive shift in how people search for products indicates a period of transformation.
Suresh believes most customers will discover products through the metaverse and live streams on social media. This opens up another marketing opportunity.
Hence, crypto will become a key player in these situations as people want a fast and secure means of payment without restrictions. He also revealed Walmart aims to make crypto transactions as friction-free as possible for efficient service delivery.
His revelation is a reflection of Walmart’s recent foray into the metaverse. The retail giant launched WalmartLand through the Roblox metaverse last month. It offered a range of virtual experiences and adventures, including a DJ booth, games, a Ferris wheel, and virtual merchandise (“Verch”) for users’ avatars.
Walmart’s Crypto Adoption Strategy
We may see some Walmart NFTs, tokens, digital currencies, or even a metaverse sometime in the future, as indicated by some patents Walmart filed in December 2021.
Walmart is not the only top retail giant exploring the metaverse recently. Famous shoe retail giant, Nike, recently partnered with Roblox to build its metaverse, Nikeland, where Nike can sell its goods virtually.
There have been rumors that Walmart is working on enabling support for crypto payments for its products. There was a false alarm in September last year when several news sites quoted a fake press release stating that Walmart has agreed with Litecoin to start accepting crypto payments.
However, Walmart collaborated with crypto ATM firm CoinMe in October 2021 to install about 200 Bitcoin ATMs at Walmart stores all over the US. There are also plans to increase the ATMs to 8,000 in the future.
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