Walmart's Crypto Commitment: Obstacles Ahead?

The trading giant supports the adaptation of digital currencies

Walmart's global director of technology, Suresh Kumar, is confident that cryptocurrencies will play an immensely important role in the company's customer payments. The retail giant is determined to ensure that consumers have a seamless and long-term ability to pay for purchases using digital currencies.

Suresh Kumar compliments cryptocurrencies

This week, Suresh Kumar gave an important speech at the Yahoo Finance All Markets Summit where he was asked about the role of cryptocurrencies in the future of Walmart. The global director of technology said that "There are three main areas of disruption in the payments market." Cryptocurrencies are somewhere in the middle. He added that the company's customers are constantly looking for new payment solutions, also being interested in cryptocurrencies and discovering new digital products.

The future of cryptocurrency in retail

- Part of this change will happen in the metaverse. Some of this will be broadcast live on your social app. So whether they are physical or virtual goods, cryptocurrencies play a role in what the customer wants.

He strongly believes that this asset class will become a regularly used form of payment by retail clients. The American trade giant intends to make every effort to support the adaptation of new forms of purchasing, to implement them in everyday use as much as possible.

- The role of cryptocurrencies will play an increasingly important role over time. Of course, as the leader of the retail market, we want to be where the customer really needs us - he adds.

Summarizing his earlier arguments on market distortions, Kumar pointed out that 'the last part is how new products are discovered and how they are delivered. We are currently seeing a lot of confusion here. "

US retail giant Walmart already filed several trademark applications last year, which include blockchain technology products and cryptocurrency services. Additionally, it is necessary to take into account the investments made in space in the metaverse and non-fungible tokens (NFT). Americans decided to enter the metaverse last month when they launched Walmart Land as well as Universe of Play on Roblox.