Retail Giant Walmart Outlines Crypto Strategy For The Future

Retail Giant Walmart Outlines Crypto Strategy For The Future

The Global Chief Technology Officer of Walmart has revealed the role of crypto in the future of the retail giant. "Crypto will become an important part of how customers transact," the executive said. "We want to make sure that we make it as frictionless as possible for customers to be able to transact."

Walmart Executive Discusses Crypto in Walmart’s Future

Walmart Global Chief Technology Officer and Chief Development Officer Suresh Kumar discussed cryptocurrency at the All Markets Summit of Yahoo Finance on Tuesday.

Speaking about the role of crypto in Walmart’s future, Kumar said: "I think that there are three major areas of disruption. Crypto falls somewhere in the middle. I have talked about how customers are getting inspired and discovering products. That is changing."

He explained, "Part of that is going to happen in the metaverse. Part of that is going to happen on live streams and social media. So, whether it is physical or virtual goods, crypto will 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 frictionless for customers to be able to transact, to be able to buy, and how they can 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 and different payment options," he added. "The role of crypto is going to continue to play a very important role. And obviously, we want to be there where the customer needs us to be."

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

"When you specifically talk about crypto, it is going to be about the discovery of products, whether they are physical or virtual, and either in 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.