Crypto To Play A ‘Critical Role’ In The Way Consumers Transact: Walmart CTO

From crypto to blockchain to non-fungible tokens, the mode of payment in businesses in the vast sphere of the world’s consumer sector has been undergoing a transformation over the course of the past few years.

Suresh Kumar, the global chief technology officer at retail powerhouse Walmart, has predicted that cryptocurrencies will become “a key component of how customers transact” as part of the payments “disruption” taking place in the industry.

In an interview with Yahoo Finance All Markets Summit, Kumar outlined the retail giant’s aggressive expansion strategy, saying that he anticipates a future in which digital assets will be utilized throughout its online stores and the metaverse.

Crucial Role Of Crypto In The Consumer Sector

“I think a lot of the disruption is going to start happening in terms of different payment methods, and different payment options,” he said.

Kumar also indicated that a substantial number of consumers will find more information regarding the use of digital assets that are being promoted via the virtual realm and social media apps’ live feeds, and that asset types like Bitcoin might be an essential form of payment in these settings.

He added:

“We want to be present where the customer needs us most.”

Image: WWD

Walmart has gradually entered the world of cryptocurrencies. The store sought to appoint a crypto chief in August this year. And in January, it submitted seven trademark applications for its own virtual currencies and NFTs.

“When you specifically discuss about crypto, it’s going to be about discovering products, whether it’s physical or virtual inside, either the Metaverse or upfront, and then how people do transactions,” the Financial Express quoted Kumar as saying, in its report.

More U.S. Retail Companies Are Embracing Digital Currency

According to a recent poll conducted by Deloitte, a London-based international professional services consultancy, a significant number of American retailers have already started implementing crypto payments.

In the survey, 2,000 top executives from various retail businesses, including food, electronics, transportation, electronic gadgets, clothes, and cosmetics, were queried about crypto and digital assets.

More than 85 percent of respondents stated supporting crypto payments is a top priority for their company.

Meanwhile, according to the 67th edition of Fortune 500, Walmart is the world’s largest company based on revenue.

The retail conglomerate, which was founded by Sam Walton in 1962 in Rogers, Arkansas, owns and runs over 10,500 discount department and grocery stores in 24 countries.

The American retail giant is also the world’s largest private employer, with over 2.3 million employees around the world, including roughly 1.6 million in the United States.

Crypto total market cap at $879 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com