Walmart-backed fintech firm OnePay is set to revolutionize the digital finance landscape by introducing cryptocurrency trading and custody features to its mobile app. This move will allow millions of U.S. consumers to seamlessly buy, hold, and potentially spend digital assets like Bitcoin and Ethereum directly through the OnePay platform.
According to sources familiar with the matter, OnePay users can expect to access Bitcoin and Ethereum later this year, with crypto infrastructure provider Zerohash powering the custody and trading services. This development underscores OnePay’s vision to evolve into a comprehensive “everything app” for digital finance.
Established in 2021 as a joint venture between Walmart and venture capital firm Ribbit Capital, OnePay has steadily expanded its financial offerings. In addition to high-yield savings accounts, debit and credit cards, buy now pay later options, and wireless phone plans, the app is now venturing into cryptocurrency trading. This strategic move aligns OnePay with popular super apps abroad, such as WeChat, which seamlessly integrate payments, finance, and commerce into a single platform.
By integrating Bitcoin and Ethereum custody into its app, OnePay aims to enable customers to convert their crypto holdings into cash and use them at Walmart stores or online checkouts. This integration marks a significant step in Walmart’s digital finance strategy, bridging the gap between cryptocurrency adoption and one of the world’s largest retail ecosystems.
The timing of OnePay’s crypto rollout coincides with the accelerating cryptocurrency adoption in the U.S., driven by a policy shift in the Trump administration. Major financial institutions that previously kept a distance from crypto are now swiftly embracing digital assets. For instance, Morgan Stanley recently announced plans to offer retail clients direct access to crypto through its E-Trade subsidiary.
Zerohash, the startup supporting OnePay’s crypto initiative, recently secured $104 million in funding from prominent backers like Morgan Stanley and Interactive Brokers. This funding positions Zerohash as a core infrastructure provider for banks and fintech firms seeking to integrate digital assets into their offerings.
OnePay’s mobile app has gained traction among consumers, currently ranking fifth on the Apple App Store for free finance apps, surpassing competitors like JPMorgan Chase, Robinhood, and Chime. Given the increasing demand for crypto features in finance apps, OnePay’s foray into cryptocurrency trading is a natural progression.
With its deep integration with Walmart and access to 150 million weekly shoppers, OnePay has a unique distribution channel. While initially a standalone entity, not exclusively catering to Walmart customers, OnePay’s expanding role hints at crypto becoming a fundamental feature within America’s largest retail network.
In conclusion, Walmart’s OnePay is poised to disrupt the digital finance landscape with its upcoming crypto trading and custody features. This strategic move reflects the growing mainstream acceptance of cryptocurrencies and underscores OnePay’s commitment to providing innovative financial solutions to its users.