Walmart touts crypto as disruptor for commerce

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Updated October 19, 2022 | Published October 19, 2022

2 mins read

Walmart believes that consumers will reach out to cryptocurrencies as a way to buy goods.

Walmart global chief technology officer Suresh Kumar has said that cryptocurrency is a major area of disruption and will play an even more significant role in commerce.

According to Kumar, in future consumers will pay for goods with cryptocurrencies.

Speaking during the Yahoo Finance All Markets Summit on Monday, Kumar shared insight into how cryptocurrencies are going to transform the way retailers do business.

“I think that there are three major areas of disruption. Crypto falls in sort of the middle of it”, he said.

He added that it’s about the way that people will be discovering products in future, with retailers using it as an alternative way to target customers to engage with various products.

He noted that many consumers will also be encountering in the metaverse, media apps, and live streams, and that cryptocurrencies could be an important payment gateway for all of these verticals.

For example, Walmart recently joined Roblox metaverse and launched Walmart Land, an ambitious project of its own.

Walmart is keen to explore non-fungible token (NFT) technology and the company is preparing to launch in this space, hoping to bring around meaningful change for its own business.

Roblox currently does not support NFTs, but Walmart is preparing for a future in which it does. Ultimately, the retailer has the customer in mind, Kumar said, and added: “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.”

Walmart is rumored to be working on a cryptocurrency payment gateway that should make it easy for consumers to turn to their digital currencies and use them to pay for various goods.

These rumors are just that for now as the company has not substantiated them with any official confirmation.

Looking for your next crypto casino? Check out: Bitcasino, Gamb.co or FortuneJack.

Written by Alex

Reporter

Alex is a well-rounded crypto writer who focuses on general market and legal developments. His main interest lies in how crypto gaming can become a more permanent part of the gaming landscape and how blockchain holds benefits to players they are not even aware of.
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