Walmart: crypto-currencies will become a major disruptor of payments

Suresh Kumar, Walmart’s chief technology officer, said crypto-currency is one of the major areas of disruption, especially in how customers will one day pay for digital and physical products.

At the recent Yahoo Finance All Markets Summiton Oct. 17, Suresh Kumar highlighted Walmart’s favorable view of the digital asset market, recognizing that crypto-currencies have the potential to become a central part of how customers transact for physical and virtual products.

Suresh Kumar said that there are primarily three sites of disruption and that crypto-currencies are almost at the center of them. He also noted that there is a clear difference in how customers are influenced and inspired by products.

In the future, a lot of marketing will be done through Metaverse and live streams on social media apps, while crypto-currencies will be the most important payment option in these areas.

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Walmart made news last year when the firm pursued several new business brands that indicated its willingness to create and trade digital assets in the metaverse.

This may explain the company’s indulgence of the Roblox metaverse with the opening of Walmart Land in September. There, the company is running a series of virtual experiences, such as a DJ booth and Ferris wheel, while also offering digital merchandise such as verchs for customers’ avatars.

Speculation is rife as Walmart’s crypto-currency research has led to the filing of seven separate trademark applications with the U.S. Patent and Trademark Office in December 2021. The company also expressed its intention to provide customers with a digital currency, as well as NFTs. Since then, the company has remained tight-lipped about how it planned to make its decisions.

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NFTs and crypto-currencies have not yet been integrated into the Roblox metaverse, but Walmart had initially hinted in patent filings that it would look closely at creating virtual currencies, tokens and NFTs in the metaverse.

According to Kumar, the company wants to make sure there are no inconsistencies in the system that customers can use. They need to have the freedom to easily transact and get value from it. Integrating all of this into one system will cause disruption, with different payment methods and options.

The multinational retail giant is known to be quietly working on creating and offering a crypto-currency payment medium, but no false alarms have been triggered yet.

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