Walmart: the retail giant synonymous with low prices and big boxes!
If you are planning a shopping spree at Walmart, you want to know the payment methods you can use at checkout. They accept several methods, including; credit cards, debit cards, EBT, gift cards, PayPal, and Affirm. But, as the world is moving rapidly towards digital currency, you might have a loaded crypto wallet you figure you can use for payments. So, does Walmart accept Bitcoin and other cryptocurrencies? Read on to find out!
Does Walmart Accept Bitcoin Payments?
Unfortunately, unlike other companies that accept crypto, Walmart does not accept Bitcoin payments at the moment. There are several reasons that may prevent Walmart from accepting Bitcoin payments. Still, as we’ll see later in this article, there are ways you can work around the situation and use your crypto portfolio to pay through the retailer’s website.
While you cannot pay at Walmart from your crypto wallet, the leading retailer is a huge supporter of crypto. In fact, Walmart’s Suresh Kumar believes crypto will be a game changer when adopted for transactions, so we could see the retail giant accepting Bitcoin payments in the future. In addition, Walmart has already started venturing into the metaverse with plans to create its virtual currency and NFTs.
Whether Walmart stores accept crypto payments has been around for some time, especially since the retailer installed Bitcoin ATMs/Coinstar kiosks across the country. However, after a series of rumors and a fake press release that painted the picture of Walmart accepting a crypto payment method, Walmart has no indication that you can buy Bitcoin and use it to pay for goods in the stores.
So, while we wait for any developments, we will help you explore how to pay for goods from Walmart, including clever tips to use your Bitcoin for online purchases. In addition, we will explore some of the top reasons Walmart stores do not accept Bitcoin.
What Is Bitcoin, and Why Is It Tipped to Be a Popular Payment Method?
Bitcoin is the most famous cryptocurrency and is a decentralized digital currency. It uses cryptography to secure and verify transactions and control the creation of new units of a particular cryptocurrency. The transactions are recorded on a public digital ledger called a blockchain.
Bitcoin is touted as a potential payment method at retail stores like Walmart for a few reasons. Firstly, Bitcoin is decentralized, meaning it is not controlled by any government or financial institution. This makes it a secure and private form of payment compared to traditional methods like credit cards, which can be more vulnerable to fraud and hacking.
Secondly, Bitcoin transactions are processed quickly and with relatively low fees compared to traditional methods. This can save retailers money on transaction fees and allow faster payment processing.
Thirdly, retailers can use Bitcoin for cross-border transactions, which can be difficult and expensive with traditional methods. This makes it an attractive option for retailers who do business internationally, including Walmart.
Finally, as the world is moving towards a cashless society, Bitcoin can provide a digital alternative to cash, and because of its decentralized nature, it can provide a secure way to store and transfer money.
Why Walmart Does Not Accept Bitcoin Payments
Walmart does not accept Bitcoin and crypto payments, but the company has shown keen interest in crypto by using blockchain technology for its supply chain management. It may take a while to see Walmart accept cryptocurrency payments at their stores, but it is best to understand why the process has taken so long. Let us look deeper into the main reasons you cannot spend Bitcoin at Walmart stores;
a) Bitcoin’s Volatility
The volatility of Bitcoin and other cryptocurrencies makes them a less ideal payment method for retailers like Walmart. Because the value of Bitcoin can change rapidly, retailers may be hesitant to accept it as a form of payment.
Suppose the value of Bitcoin decreases significantly between the time a customer makes a purchase and the time Walmart receives payment. In that case, the retailer may lose money on the transaction. Additionally, Walmart may struggle to price goods and services in a stable currency when the value of Bitcoin is constantly changing.
b) Complex Payment Systems
Accepting Bitcoin payments would require Walmart to set up and maintain a system for accepting and converting Bitcoin to fiat currency. Integrating Bitcoin as a payment option would require significant changes to Walmart’s existing infrastructure, which can be costly and time-consuming.
For instance, Walmart would need to use more specialized hardware, software, and security measures to accept Bitcoin at the point of sale that may not be in place. In addition, Walmart would have to train employees on how to handle Bitcoin transactions and ensure they comply with the laws and regulations surrounding cryptocurrency.
c) Legal and Regulatory Issues
Legal and regulatory concerns surrounding Bitcoin can make it a less favorable payment option for Walmart. The complexity and uncertainty of the regulatory environment can make it difficult for retailers to ensure compliance and may add additional costs.
For instance, there may be laws and regulations regarding the storage and reporting of transactions involving Bitcoin, as well as laws related to anti-money laundering (AML) and know-your-customer (KYC) requirements. These can require Walmart to invest additional resources into compliance, which can be costly and time-consuming. Furthermore, the risk that these regulations may change in the future makes Bitcoin a risky payment method.
d) Limited Acceptance
Finally, Bitcoin’s limited acceptance as a form of payment can make it difficult for Walmart to adopt it as a payment method. Because the number of customers who could use it to pay for goods and services at Walmart may be limited, the adoption challenges outweigh the benefits that Bitcoin could bring.
What Are The Different Payment Methods You Can Use at Walmart?
Although we have established that you can’t use Bitcoin or crypto payments directly when shopping at Walmart, other great alternatives exist, even when shopping online. These include:
- Credit and debit cards: Walmart accepts most major credit and debit cards, including Visa, Mastercard, American Express, and Discover.
- Cash: Walmart stores accept cash payments for in-person purchases.
- Walmart Pay: It is a mobile wallet service offered by Walmart that allows you to pay for in-store purchases using your smartphone.
- PayPal: Many Walmart stores accept PayPal as a form of payment, both in-store and online.
- Walmart Gift Cards: Walmart offers its own gift card that can you can use to purchase goods in-store and online. You can also purchase eGift cards online.
- EBT (Electronic Benefits Transfer): Walmart stores accept EBT payments for eligible food items.
- Checks: Some Walmart stores accept personal and business checks as a method of payment.
- Affirm: Walmart also offers financing options through Affirm. With this option, you can buy products and pay later when you load your cards.
How Can I Use My Bitcoin to Buy Walmart Goods?
As cited above, you don’t need to start converting your crypto into fiat currency to be able to shop at Walmart. While the retailer does not accept Bitcoin as a direct payment, you can use your Bitcoin to buy gift cards, which you can then use to pay for Walmart goods.
Method 1: Use Crypto to Buy Walmart Gift Cards
Here is how you can buy gift cards with your Bitcoin Balance:
- Cryptocurrency gift card platforms: Some platforms, such as eGifter, Bitrefill, and Gyft, allow you to purchase gift cards for various retailers, including Walmart, using cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
- Cryptocurrency exchanges: Some cryptocurrency exchanges, such as Binance and Coinbase, welcome the option to buy gift cards for various retailers, including Walmart, using cryptocurrency.
- P2P platforms: You can also purchase a Walmart gift card from a person who owns one via P2P platforms like LocalBitcoins, Paxful, and other similar platforms.
- Bitcoin debit cards: Some companies, such as BitPay, offer Bitcoin debit cards that you can use to make purchases at retailers that accept Visa, Mastercard, and American Express, including Walmart.
Note, if you ever run out of Bitcoin, you can also use your loaded Walmart gift cards to purchase Bitcoin and other cryptocurrencies. As mentioned above, many Walmart stores have installed Coinstar kiosks where you can buy Bitcoin using your gift card.
Alternatively, you can buy Bitcoin with gift cards at P2P platforms like Paxful and LocalBitcoins. However, the process may not be as straightforward as you will need to find individual Bitcoin sellers looking for Walmart gift cards. In most instances, you will need to convert your gift cards into cash before using them to buy Bitcoin.
Method 2: Use the Lightning Network to Pay with Bitcoin
Let’s face it, the process of buying and using gift cards to pay for Walmart purchases is long and tedious. Using the Lightning Network through Moon or Strike, you can take the easier way out. If you want to buy Walmart products with cryptocurrency, it is uncomplicated through these steps:
Step 1: Install Moon on your browser.
Step 2: Head to the Walmart website and add items to your cart. When done, open the checkout page.
Step 3: On the checkout page, click the moon icon at the top of your browser and select Create New card. This will allow you to add a new payment method to your Walmart account, which will allow you to use your Bitcoin balance rather than fiat currency.
Creating a new card requires you to fill in the amount you want to pay to Walmart (confirm from the checkout page). When you enter the exact amount you owe Walmart, choose Bitcoin (Lightning Network) as your Moon payment method.
Step 5: Use your Lightning Network-enabled Bitcoin wallet to scan the QR code. Doing so will authorize a Bitcoin payment to Lightening Network for a debit card that you can then use only once to pay for your Walmart goods.
Would Bitcoin Be a Good Payment Method at Walmart?
By addressing the concerns related to volatility, compliance, and liquidity, Walmart can take advantage of the benefits of using Bitcoin as a payment method, including;
- Lower transaction fees: Bitcoin transactions typically have lower fees than traditional payment methods such as credit and debit cards, which can save Walmart’s customers money in the long run.
- Leveraging existing blockchain infrastructure: Since Walmart already uses blockchain technology, it would be relatively easy for the company to integrate Bitcoin payments into its existing infrastructure.
- Cross-border transactions: Bitcoin can facilitate cross-border transactions quickly and easily, making it an attractive option for Walmart, which operates internationally.
- Decentralization: Bitcoin is decentralized, making it a more stable and reliable form of payment than traditional methods, which may be subject to inflation and other economic fluctuations.
- A digital alternative to cash: Bitcoin can provide a digital alternative to cash, which can be useful in a cashless society and can be used to store and transfer money securely. It will benefit Walmart as cashless transactions are becoming more common.
- Enhancing security and transparency: Blockchain technology provides a secure and transparent way of tracking transactions, which could benefit Walmart and buyers.
- Gaining insights into customer behavior: By using blockchain technology, Walmart could gain insights into customer behavior through the analysis of transaction data, which they could use to improve the customer experience and develop new products and services.
- Gaining a competitive advantage: By accepting Bitcoin, Walmart would position itself as a forward-thinking and innovative company willing to embrace new technologies. This could give the company a competitive advantage over other retailers not accepting cryptocurrency.
- Attracting new customers: By accepting Bitcoin as a form of payment, Walmart could attract a new customer base interested in using only cryptocurrency for transactions.
- Aiding the growth of the metaverse: By accepting Bitcoin, Walmart could enable seamless transactions across different platforms, including its metaverse. Customers could use the same currency to purchase virtual goods and services, making it more convenient and easy to use.