Walmart’s OnePay to Launch Crypto Trading and Custody Service

OnePay, Walmart’s fintech venture, is all set to introduce Bitcoin and Ethereum trading and custody features to its mobile app. It allows users to buy, sell, hold, and store BTC and ETH directly through the application. The app is expected to roll out later this year, and users have already identified this initiative as Onepay’s aggressive drive to create a complete American “everything app” for digital finance. The latest information suggests that the venture will reportedly be powered by Zerohash, one of the leading crypto infrastructure providers in the world. The community believes that the latest development by Walmart is due to the continued mainstream adoption of cryptocurrencies and the promising role of crypto in the future economy. 

CNBC reported that by allowing OnePay users to hold bitcoin and ether in their mobile app, customers could presumably convert their crypto into cash and then use those funds to make store purchases or pay off card balances. The mainstream media reports that the crypto integration could be delayed since the rollout still faces some technical and regulatory challenges.

OnePay Set to Launch Its “Everything App” for Digital Finance.

OnePay, the fintech venture founded by Walmart and Ribbit Capital in 2021, is on the verge of developing its “everything app” for digital finance later this year. By introducing this feature in their official app, customers can now access Bitcoin and Ether through the mobile app, and they can even convert their crypto to fiat currency and use those funds to make store purchases and other financial needs. The market analysts and crypto experts believe that this initiative from Walmart could bridge the gap between digital assets and everyday commerce.  

The OnePay app has been experimenting with new financial products since its founding in 2021. OnePay’s move into crypto will be crucial and will share a serious battle with the top-ranked finance apps in the U.S., including PayPal, Venmo, and Cash App. According to CNBC, the fintech firm is already in the 5th position on Apple’s app store ranking for finance apps, and the new initiative will further push the app forward and take it closer to the pole position. Experts believe that the OnePay app will have a slight advantage over other apps like PayPal, Venmo, and Cash App; they commented that Walmart’s access to 150 million weekly shoppers gives OnePay a unique edge in mainstream crypto adoption.

Bitcoin News has also backed this theory and reported that the fintech firm’s most significant competitive advantage stemmed from its unique relationship with the world’s largest retailer. Onepay benefited from a powerful distribution channel, with its app integrated directly into the checkout process at Walmart’s U.S. locations, giving it direct access to the 150 million Americans who shopped there weekly.

Is OnePay App’s Crypto Integration a Step Closer to Everyday Spending?

OnePay has a single motive through this initiative: that the crypto integration should facilitate a step closer to everyday spending. The launch of OnePay’s latest plans to integrate crypto in their mobile app will enhance the role of cryptocurrency in everyday purchases. The provision to convert the customers’ crypto into cash on the platform and use it at Walmart stores further pushes the flow of crypto into day-to-day life.

The mainstream media claims that the plan is only to expand their financial services strategy in the future. They stated that the goal was to turn the app into a kind of all-in-one hub that covered banking, credit, payments, and now crypto. They mentioned that with crypto adoption growing and customers expecting more flexibility, adding Bitcoin and Ethereum support helped OnePay stay competitive.

Rebecca Martinez, a senior fintech analyst at Digital Commerce Research Institute, commented that it represented the most significant mainstream cryptocurrency adoption opportunity they had seen in the retail sector. She added that when one combined Walmart’s massive customer footprint with OnePay’s growing financial services ecosystem, they were looking at a potential game-changer for crypto accessibility.