Crypto will play a ‘critical role’ in how consumers transact

From crypto to blockchain to non-fungible tokens, the mode of payment in businesses across the vast sphere of the global consumer sector has undergone a transformation over the past few years.

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

In an interview with Yahoo Finance All Markets Summit, Kumar described the retail giant’s aggressive expansion strategy, saying it anticipates a future in which digital assets are used in its online stores and in 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 significant number of consumers will find more information about the use of digital assets that are promoted via live streams of virtual domain and social media applications, and that types of assets like Bitcoin could be an essential form of payment in these areas. 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 chief crypto in August this year. And in January, it filed seven trademark applications for its own virtual currencies and NFTs.

“When you’re discussing crypto specifically, it’s going to be about discovering products, whether they’re physical or virtual inside, whether it’s the metaverse or up front, and then how people transact,” said the Financial Express citing Kumar in its report.

More U.S. Retail Companies Are Embracing Digital Currency

According to a recent survey by Deloitte, a London-based international professional services consultancy, 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.

Over 85% of respondents said supporting crypto payments is a top priority for their business.

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

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

The US retail giant is also the world’s largest private employer, with more than 2.3 million employees worldwide, including about 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

About Anne Wurtsbach

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