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Walmart Chief Technology Officer Suresh Kumar expects “a lot of the disruption” around crypto “in terms of different payment methods, and different payment options.”
Crypto adoption across the payments industry continues to gather speed, with major financial institutions adding various cryptocurrencies to payment methods for merchants and other online platforms.
And Walmart’s Global Chief Technology Officer Suresh Kumar says digital currencies are set to become a crucial part of customer transactions.
Kumar’s comments came during an interview with Yahoo Finance’s All Markets Summit aired on Monday.
Walmart is one of the leading global companies embracing crypto, and the Walmart CTO reiterated the role crypto will play in the retail giant’s business and across the globe.
“Whether it is physical goods or virtual goods, they play a part in terms of what a customer wants,” Kumar said as he highlighted digital assets’ use both in the metaverse and in live streams (what’s happening with crypto support in payment apps or social media apps.)
Crypto important to how customer transact
Kumar also spoke about Walmart’s plans around the growing footprint of crypto adoption. According to the retailer, customer transactions going into the future will largely be digital and crypto is already playing a big role in that.
“Crypto will become an important part of how customers transact,” the Walmart CTO explained, adding that the company wants to ensure such transactions are “friction free for customers” as much as possible. In this way, he added, users will easily be able to buy digital assets and also “drive value out of it.”
The company is therefore looking at how to streamline product discovery amid the global push that’s putting crypto on the forefront of various payment options.
“I think a lot of the disruption is going to start happening in terms of different payment methods, and different payment options,” Kumar told Yahoo Finance.
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