Walmart is a retail giant in the US that has millions of shoppers in the country. The store’s popularity is in its diverse range of available items in the store and the cheap prices. Recently, Walmart announced that it was looking to develop a crypto strategy.
Walmart’s Crypto Strategy
A recent job posting by the Fortune 500 retail company stated that it was looking for a cryptocurrency expert to help the firm expand its digital currency payment options. The person hired for this position will be based at Walmart’s headquarters in Arkansas.
According to the posting, the individual will be responsible for developing a crypto strategy and product roadmap for the retailer. They will also discover crypto investments and identify ideal partnerships.
According to Walmart, the person who fits this role needs ten or more years of experience in the technology sector or product management. The individual also needed to have knowledge about the cryptocurrency ecosystem and an entrepreneurial drive.
This posting comes as the number of job advertisements that look for cryptocurrency experts is on the rise, given that Amazon had also advertised for a similar position in July. Walmart’s strategy to launch a crypto department also comes as the popularity and values of cryptocurrencies increase.
Offering crypto payment services for the grocery store will give shoppers more flexibility regarding payments and place the retail giant on a global scale. It will be the first major grocery store to start accepting cryptocurrencies or investing in cryptocurrencies.
Crypto Grocery Shopping
A May report recently stated that around 46 million Americans own Bitcoin and other cryptocurrencies. This shows that retail stores that target crypto owners will have a significant percentage of their customers shifting towards crypto payment services.
Given the volatile nature of cryptocurrencies, retail firms that want to launch crypto payment services could take time to develop a solid strategy. Such strategies could involve determining whether the crypto payments done by shoppers will be converted into cash to evade price fluctuations or held as crypto and diversify a retailer’s investments.
Because of such attributes, it could take time before Walmart, or any other grocery store starts accepting crypto payments. However, one thing that remains certain is that crypto payments will become a major thing in the future because of the rising values and the growing popularity of cryptocurrencies.
One of the factors that could also make crypto grocery shopping possible is the Bitcoin ATMs that Coinme is setting up in grocery stores in the US. These ATMs enable the conversion of Bitcoin into fiat currencies that users can later use to pay at the grocery store. If these ATMs are set up inside the grocery stores, it could aid the stores in eliminating the lengthy processes that come with implementing crypto roadmaps.
Besides physical grocery shopping using cryptocurrencies, we could also see online shopping platforms also embrace crypto payments. Amazon, an e-commerce giant, advertised a similar job posting looking for a cryptocurrency expert. While the firm has denied getting involved in cryptocurrencies, the posting was a positive light in the right direction.
With crypto becoming more mainstream by the day, it is no longer a question of “if” but “when” it will be used for grocery shopping. If this is adopted, cryptocurrencies will gain more utility.