- A top Walmart exec has said that crypto is helping to transform the payment landscape
- Suresh Kumar said that many aspects of Web 3.0 are in their planning
- Kumar said that the process needs to be “friction free” before being rolled out
A top Walmart’s executive has said that he wants to make cryptocurrency payments an “important part” of the company’s future payment plans. The retail giant’s Global Chief Technology Officer and Chief Development Officer, Suresh Kumar, made the comment during Yahoo Finance’s All Markets Summit on Tuesday, calling crypto among the major areas of disruption he envissages.
Crypto in the Middle of “Major Areas of Disruption”
Kumar was replying to a question about the role of cryptocurrencies in Walmart’s future, which he said had a strong crypto component:
I think that there are three major areas of disruption. Crypto falls in sort of the middle of it. I have talked before about the way in which customers are getting inspired and discovering products. That is changing.
Kumar added that crypto will become “an important part of how customers transact”, adding that he wanted to make sure that the experience was “friction free for customers” before any such plans are cemented. This is one one of the reasons why crypto adoption is running behind many people’s predictions – it is still much easier to use fiat currencies in stores and online than it is to use cryptocurrencies.
Dare We Enter the Walmetaverse?
Kumar also expanded on the ways in which he expects customers to use cryptocurrencies:
Part of that is going to happen in the metaverse. Part of that is going to happen on live streams, inside your social media app. So whether it is physical goods or virtual goods, they [crypto] play a part in terms of what the customer wants.
The exec also affirmed his belief that “a lot of the disruption is going to start happening in terms of different payment methods, different payment options…the role of crypto is going to continue to play a very important role in that.”
It might not be long therefore before we’re able to pay for our shopping at Walmart, and perhaps dabble in their metaverse too. Lucky us.
Still, better than Facebook’s.