Updated to reflect Kroger's adoption of EMV earlier this year
The retail giant filed a lawsuit in New York State Supreme Court on Tuesday against Visa challenging its requirement that customers verify their purchases with a signature even when those purchases are made with chip-enabled cards.
Walmart said in a statement that signature verification was conducive to fraud.
Visa shares fell 2% in midday trading Wednesday, while Walmart shares were down 3.4%.
A dispute about EMV transactions has already hurt gift card company Blackhawk (HAWK) , which spun off from grocery store company Safeway in 2013.
"It sunk Blackhawk, and the supermarkets have not adopted it," Cramer says. "We see this tussle between Visa and Walmart...This is a battleground, and I want you to stay close to it."
Many retailers have been slow to adopt while other have jumped on the bandwagon.
Kroger for instance, adopted EMV technology in Arch, becoming one of the largest national retailers to roll out the technology.
Blackhawk says the EMV restrictions would hurt sales.
"On Oct. 1, 2015, the payment card industry shifted liability for certain debit and credit card transactions to retailers who do not accept EMV chip technology transactions," Blackhawk wrote in a 10-Q filing. "As a result, some of our non-EMV compliant retail distribution partners have taken restrictive measures around the sale of gift cards, in particular higher denomination open-loop gift cards and some closed-loop gift cards. These measures include establishing lower limits on credit card purchases of gift cards and removing higher denomination products from displays in impacted markets to mitigate their liability for fraudulent credit card activity in their stores, which decreased our transaction dollar volume."