Key Highlights
- OnePay, a fintech sponsored by Walmart, will add trading and custody of Bitcoin and Ethereum to its app with the support of Zerohash.
- The application, which was launched in 2021, already has savings accounts, credit cards, BNPL loans, and wireless plans.
- OnePay ranks fifth in the list of free finance apps in the Apple store as it outpaces behemoths like JPMorgan, Robinhood and Chime.
The digital finance startup, OnePay, which is majority-owned by Walmart, is ready to add cryptocurrency services to its mobile platform, according to individuals aware of the development. Access to Bitcoin and Ethereum trading and storage will be launched by the fintech before year-end with tech assistance by Chicago-based infrastructural provider Zerohash.
Walmart’s OnePay Goes Big on Crypto
The program is a continuation of the OnePay scheme to become a full-scale, financial services super application in the United States. The company has, since its launch in 2021, thanks to a joint venture between Walmart and venture capital firm Ribbit Capital and has slowly diversified into other offerings besides payments. Its platform now offers its customers products of high-yield savings accounts, debit and credit cards, installment payment plans, and wireless service plans.
The inclusion of Bitcoin and crypto in the app will provide customers with a choice of purchasing, storing, and, possibly, cashing in on their digital assets directly on their OnePay accounts. Such an arrangement would then enable individuals to convert crypto assets into U.S. dollars. It will allow them to pay with them to make daily purchases, such as Walmart shopping, or even settle their credit card bills with the balance.
However, the officials of both OnePay and Zerohash declined to comment on what was to be rolled out, according to a CNBC report.
The move is timed well as U.S. institutions move faster towards the adoption of digital assets. With changes in regulation within the current administration, significant financial actors who had remained in the background have started to launch crypto-linked services. In September, Morgan Stanley announced that it would give retail clients access to cryptocurrencies via their E-Trade unit.
Zerohash & OnePay’s Latest Updates
Another area that Zerohash has been working hard on is to consolidate its financial position. Last month, the company raised new capital to the tune of $104 million and among the investors were Morgan Stanley and Interactive Brokers. The investment will support its attempts to become an essential collaborator of banks and brokers who incorporate digital assets into their systems.
In the case of OnePay, there is consumer momentum already. Statistics indicate that the app is ranked number five on the list of free finance apps on the Apple App Store. It is ranked higher than some of the other known brands in the sector, such as JPMorgan Chase, Robinhood, and Chime. Others near the top of the chart, including PayPal, Venmo, and Cash App, already have crypto options.
OnePay has been enjoying the advantage of a unique distribution. The app has been directly integrated into Walmart’s online and physical checkout processes since inception. This provides it with a channel through which it can access the large base of customers of the retailer, who are estimated to be approximately 150 million people each week in the United States.
Although there are explicit links between OnePay and Walmart, the fintech was set up as an independent entity to prevent being restricted to the ecosystem of this retailer. It has a wider target population and is focused on attracting millions of Americans who want to use digital-first banking products without having to go to a conventional one.
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Source: https://www.cryptonewsz.com/walmart-onepay-bitcoin-trading-custody-service/