Walmart plans to accept cryptocurrencies as a form of payment

The company is already working to make payment with cryptocurrencies when shopping at its store a reality, according to the chief technology officer of the well-known supermarket chain, Suresh Kumar.

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Walmart sees in cryptocurrencies a great opportunity for growth for its stores, at least this is what its chief technology officer Suresh Kumar implied in his statements at the Yahoo Finance All Markets Summit, who believes that cryptocurrencies will play a very important role as a form of payment and has the firm conviction to put the company within this innovative trend.

Kumar also noted that work is already underway to ensure that this will soon be implemented and customers will be able to use cryptocurrencies when purchasing any item from their online merchants.

Walmart's chief technology officer also noted that this type of technological advancement will not only change the way payments are made, but will also change the way customers interact with products.

He also highlighted the power of social media in changing consumer habits as the focus is now on influencers promoting products in their live broadcasts.

Suresh Kumar believes that this has helped shoppers to use virtual spaces more and cryptocurrencies will greatly enhance this trend, making the use of cash obsolete.

He also mentioned the fact that using blockchain technology could improve the customer's shopping experience and improve their supply chain.

It is worth mentioning that Suresh Kumar brought with him the installation of two technology centers, one in Atlanta and one in Toronto along with 5,000 employees in the technology area, as well as the incorporation of blockchain technology in the supply chain of this company known worldwide.

Not to mention that in early 2022 Walmart made public its intention to create a cryptocurrency and sell digital items, after submitting nearly a dozen applications to the patent office.

The company also expressed its interest in creating a collection of nft among other virtual items.

Walmart Connect is among the most likely names for the virtual currency and advertising project.

Last year Walmart started a pilot program where bitcoin can be purchased in some of its stores.

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