Crypto plays a “critical role” in the way consumers shop
From crypto to blockchain to non-fungible tokens, the way businesses pay in the vast sphere of the world’s consumer sector has undergone a transformation over the past few years.
Suresh Kumar, the global head of technology at Walmart, has predicted that cryptocurrencies will become “a key component of how customers shop” as part of the payment disruption taking place in the industry.
In an interview with the Yahoo Finance All Markets Summit, Kumar outlined the retail giant’s aggressive expansion strategy, saying he expects a future where digital assets will be leveraged through its online stores and metaverse.
The crucial role of the crypt in the consumer sector
“I think a lot of the disruption will start to happen in terms of different payment methods and different payment options,” he said.
Kumar also indicated that a significant number of consumers will find more information about the use of digital assets marketed through the virtual realm and social media apps’ live feeds, and that asset types such as Bitcoin can be an important 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 cryptocurrency. The store sought to appoint a chief crypto officer in August this year. And in January, it filed seven trademark applications for its own virtual currencies and NFTs.
“When you specifically discuss crypto, it’s going to be about discovering products, whether it’s physical or virtual inside, either Metaverse or up front, and then how people transact,” Financial Express quoted Kumar in its report.
More US retail companies are embracing digital currency
According to a recent poll conducted by Deloitte, a London-based international professional services consulting firm, a significant number of US retailers have already started implementing crypto payments.
In the survey, 2,000 senior executives from various retail businesses, including food, electronics, transportation, electronic gadgets, clothing and cosmetics, were asked about crypto and digital assets.
More than 85 percent of respondents said that supporting crypto payments is a top priority for their company.
Meanwhile, according to the 67th edition of the 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 operates 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 approximately 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
