The biggest US retailer Walmart is planning to start accepting Litecoin as a payment method for online shopping starting October 1, the company announced in a press release on Monday.
“By integrating Litecoin, we will enable shoppers to experience a very smooth checkout experience with near instant transaction confirmation, and near-zero fees regardless of where in the world they are. We’re very excited to be working together with the Litecoin Foundation, and further innovate our business. Starting October 1st, all eCommerce stores will have implemented a ‘Pay with Litecoin Option,’” the company’s CEO Doug McMillon said as cited in the press release.
The news comes amid greater global acceptance of cryptocurrencies as viable stores of value and mediums of exchange. Earlier this month, Bitcoin became legal tender in El Salvador while several central banks, chiefly the US Federal Reserve, is studying the viability of so-called Central Bank Digital Currencies.
Litecoin was released in 2011 making it one of the oldest cryptocurrencies in the world. While sharing a number of similarities with Bitcoin, Litecoin’s creators claim it is faster and cheaper than its more popular competitor. Both Bitcoin and Litecoin do not have central authority.
Walmart is the world’s largest grocer company with revenue of $559 billion in 2021, according to the corporate website. It is also the largest private employer in the world with 2.2 million employees. Each week, about 220 million customers visit Walmart’s 10,500 stores in 24 countries.