Cryptocurrencies will play important role in payments disruption – Walmart Chief, Kumar

Kumar – Cryptocurrencies will become important part of how customers complete their payments according to Suresh Kumar, the global Chief technology at the retail giant, Walmart.

“Crypto is going to play a vital role, and obviously, we want to be there where the customer really needs us to be,” Kumar said.

He suggested that part of that disruption will be happening in the metaverse on live streams, inside your social media app.

“So whether it is physical goods or virtual goods, crypto plays a part in terms of what the customer wants.”

Walmart and the metaverse

At the end of last year, Walmart filed several new trademarks related to cryptocurrency and the metaverse, generally clearing the way for America’s largest retailer to use its own cryptocurrency and NFTs within a metaverse, an online network of worlds that combine elements of physical, augmented, and virtual reality.

Walmart’s  participation into the world of crypto took a new turn in September when the company announced the launch of “Walmart Land” and “Walmart’s Universe of play” tow online game worlds within a popular gaming platform Roblox.

While Roblox is a traditional Web2 game built around user-generated content, Walmart’s move could serve as a springboard for a deeper dive into online worlds that eventually leads the retailer into Web3 metaverse game built around NFTs and other crypto technology.

Another part of the disruption according to Kumar “Is how products get discovered” and delivered.

“When you specifically talk about crypto, it is going to be about discovery of products, whether it is physical or virtual inside, either the Metaverse or upfront, and then how people transact,” Kumar added.

Walmart has also been actively exploring the possibilities of the underlying blockchain technology.

In March 2020, Walmart joined Hyperledger, the LinuxFoundation-led collaborative network of companies building open-source blockchains and related tools.

Other Walmart partners include Moneygram, the cross-border money transfer company that once collaborated with Ripple before joining forces with Stellar to enable users to convert their physical cash into digital dollars and viz versa.

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