Walmart follows the crowd in crypto, hinting at new payment ambitions

[ad_1]

The news: Walmart is looking to hire a cryptocurrency expert to help it develop and lead its digital currency strategy and identify crypto-related investment and partnership opportunities, according to a job posting.

Why it matters: Walmart is the latest major player to join the fray as big companies like Amazon, Twitter, and Facebook call on crypto leaders to help them gain a foothold in the booming market of cryptography.

This follows the wave of companies like Starbucks, Nordstrom and Home Depot that started accepting digital currencies indirectly through crypto wallets in 2019, as well as more recent additions like Yum Brands, which operates popular and casual brands like Pizza Hut and Taco Bell.

The surge in crypto investments in recent years may prompt companies like Walmart to develop in-house solutions that offer more direct participation in the market.

Opportunities: Walmarts’ move could foreshadow the acceptance of cryptocurrency payments, which may help the retail giant capitalize on growing consumer interest in crypto payments.

Enabling additional digital payment methods can help Walmart attract more customers, especially the 46 million U.S. adults who plan to make a purchase using crypto this year. This could extend the usefulness of cryptocurrencies beyond investments and push more customers to Walmart.

But Walmart’s golden opportunity is to enable online acceptances as 68.5% of crypto owners and nearly 50% of non-owners say they are interested in using crypto payments to secure online transactions. according to data from PYMNTS and BitPay.

The adoption of crypto could therefore benefit Walmarts’ e-commerce business and recharge the growth slowed by consumers who increasingly buy in-store after vaccination: a major slowdown compared to the same period last year, when sales grew 97% year-over-year.

Overview: Bringing in a crypto expert reflects Walmart’s growing ambitions in financial services and fintech.

In January, the company revealed plans for a fintech startup that could help expand its line of non-commercial solutions, like money transfer services. Crypto solutions may complement the push and open up other income-generating opportunities for the retail giant.

[ad_2]