Walmart’s global chief technology officer has revealed crypto’s role in the retail giant’s future. “Crypto will become an important part of how customers transact,” the executive said. “We want to make sure that we make it as friction free for customers to be able to transact.”
Executive Discusses Crypto in Walmart’s Future
Walmart Global Chief Technology Officer and Chief Development Officer Suresh Kumar discussed cryptocurrency at Yahoo Finance’s All Markets Summit Tuesday.
Replying to a question about the role of crypto in Walmart’s future, Kumar said: “I think that there are three major areas of disruption. Crypto is in the middle. I’ve spoken before about how customers get inspired to discover products. That is changing.”
He continued: “Part of that is going to happen in the metaverse. Live streams within your social media apps will be a part of this. They can be physical or virtual goods. [crypto] play a part in terms of what the customer wants.” The Walmart executive opined:
Cryptocurrency will be an integral part of customers’ transactions. Our goal is to provide customers with as little friction as possible to enable them to transact, buy and derive value.
“And that is where I think a lot of the disruption is going to start happening in terms of different payment methods, different payment options,” he added. “The role of crypto is going to continue to play a very important role in that. And obviously, we want to be there where the customer really needs us to be.”
“The last part of it is how products get discovered, products get delivered. A lot of disruption going on over there,” Kumar noted, elaborating:
Crypto is all about the discovery of products.
Walmart applied for several trademarks last year to cover cryptocurrency, metaverse and non-fungible token products and services. Walmart Land, and Universe of Play (Roblox) were the latest additions to the retailer’s metaverse.
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