As the demand for alternative payment methods among retail companies increases, Walmart is considering cryptocurrency payment possibilities.
Speaking at the Yahoo Finance All Markets Summit on Monday, Suresh Kumar, Walmart’s Global Chief Technology Officer, stated that crypto was “in the middle” of their digital strategy, adding that beyond payments, Walmart is looking into how they could utilize the metaverse in assisting customers in discovering their products.
In terms of various payment options, “a lot of disruption is going to start happening,” Kumar added. “Crypto will continue to play a very big role in the many payment alternatives, and obviously, we want to be there where the client actually wants us to be.
“Crypto will play a significant role in how consumers conduct business. We aim to ensure that we remove any barriers to our clients’ ability to transact and maximise value. He Added
Kumar’s assertion is made in light of the fact that retail powerhouses are becoming more interested in cryptocurrencies and web3, the upcoming version of the internet. The company made news at the beginning of this year when it became known that it had submitted a number of trademark applications with the USPTO in December, suggesting its intention to market virtual items in the metaverse and develop its cryptocurrency and Non-Fungible Tokens (NFT)..
In an effort to expand its consumer base, the Bentonville, Arkansas-based retail powerhouse teamed up with gaming platform Roblox in September to introduce Walmart Land and Walmart’s Universe of Play in the metaverse. In an effort to draw customers, particularly young ones, Walmart has started conducting shoppable live stream events on YouTube, Twitter, and TikTok. Walmart is still bridging the gap between the real and virtual worlds.
The organization recently added augmented reality capabilities to its smartphone app so that clients could visualize how furniture and home décor would look in their own houses. The business has been using blockchain technology to trace the sources of the goods it sells since 2018, and it has plans to use it to automate shipping processes in the future.
Despite the collapse in cryptocurrency prices—which has been sparked by significant macroeconomic and geopolitical developments—institutions are still pouring money into the market in the hopes of growing their clientele and revenue sources. By the end of 2024, the worldwide metaverse industry is anticipated to reach $400 billion, according to a Boston Consulting Group research.
For large retail organisations, foraying into the metaverse and NFTs has shown to be the quickest path to achieving this. Adidas’ first NFT collection, titled “Into The Metaverse,” which consists of virtual wearables that can be used in the virtual world and with the corresponding physical product, was introduced in December. Nike recently collaborated with Roblox to develop “Nikeland,” a store that is located in the metaverse. Microsoft and Meta have also made steps to gain a piece of the action.
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Wallmart Give Away
Walmart announced the launch of a new giving campaign as part of its Spark Good initiative, supporting local organizations across the country with up to $5 million going to nonprofits this holiday season.
Between Nov. 25 and Dec. 25, the retailer is giving customers the opportunity to round up purchases, then donate the change to a favorite charity while shopping on Walmart.com and the Walmart app. Walmart will match customer contributions 1:1, up to $1 million ($2 million total including customer donations), so every dollar goes further. Spark Good Round Up, which launched this fall, allows customers to choose the approved nonprofit they’d like to donate to and set up easy recurring Round Ups on the Walmart app or online.
To incentivize customers and nonprofits to take part in the campaign, Walmart is awarding up to 3,000 nonprofits a $1,000 grant when they receive 20 or more Spark Good Round Up donations, for a total contribution of up to $3 million.
Participating is easy. After a customer checks out while shopping online or in the app, they will be prompted to search for a favorite charity for their round up donations. Customers can also go to Walmart.com/SparkGood and search for the charity of their choice to receive their Round Up contributions.
“Last year, Walmart and the Walmart Foundation gave more than $1.5 billion in cash and in-kind donations to organizations around the world,” said Erin Hogue, a senior director of associate and customer engagement at Walmart. “Giving is in our DNA and it’s clear our customers feel the same. With this $5 million campaign, we’re not only amplifying our customers’ acts of giving through matching donations and grants, we’re also allowing our customers to tell us where they’d like the dollars to go.”
The Spark Good Round Up campaign has a number of nonprofits – big and small – for customers to choose. But if a customer can’t find the local cause they want to support, they can send a referral link directly to the 501(c)(3) of their choice.
Spark Good, Walmart’s newest giving initiative, brings the retailer’s nonprofit tools together under one umbrella. From local grant opportunities to registries for their most-needed items, Spark Good gives nonprofits one convenient place to work with Walmart in making a difference in local communities.