OnePay, a fintech company mostly belonging to Walmart, plans to add the possibility of trading and storing cryptocurrencies to its mobile application this year. This is the next step of the retail giant towards creating a comprehensive financial platform.
According to CNBC, OnePay users will be able to buy and store BTC and ETH thanks to cooperation with the Zerohash startup. This move is part of the company’s strategy, which has been systematically expanding its offer since 2021, seeking to create the American counterpart of Asian super applications such as Wechat.
Cryptocurrencies as part of the financial ecosystem
OnePay currently offers a wide range of financial services – from high -interest savings accounts, through credit and debit cards, to “Buy now, pay, pay later” and telecommunications plans. The addition of cryptocurrencies is to be a natural extension of this offer.
The key is the ability to convert cryptocurrencies to cash directly in the application. Customers will be able to convert their bitcoins or Ethers into traditional currency, and then use these funds to shop in Walmart stores or repayment of card balances. This practical approach can convince people who have treated them with reserve to cryptocurrencies.
Changing regulatory environment
OnePay decision is not accidental. After the election of Donald Trump as president of the US, the American government’s attitude towards cryptocurrencies has changed significantly. Large banks, which previously could not develop cryptocurrency -related products, are now starting to do it. Last month, Morgan Stanley announced that he would soon offer retail customers direct access to cryptocurrencies through his e-Trade platform.
This trend drives the development of the entire ecosystem of cryptocurrency companies. Zerohash itself, a partner of OnePay in this undertaking, obtained in September USD 104 million financing from financial institutions, including Morgan Stanley and Interactive Brokers. This is part of the company’s strategy involving cooperation with banks and brokers building cryptocurrency products.
The growing popularity of the application
OnePay can boast of impressive results before cryptocurrency introduction. The application currently ranks fifth in the ranking of free financial applications in the Apple store, ahead of brands such as JPMorgan Chase, Robinhood or Chime. Importantly, almost all applications above in this ranking – PayPal, Venmo and Cash App – already offer cryptocurrencies.
OnePay’s biggest advantage is distribution. The application is integrated with the payment process in stationary and online Walmart stores throughout the United States, which gives access to 150 million Americans shopping there every week.
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Wider range than just Walmart
Although OnePay uses the infrastructure of the largest retailer in the world, the company was created as a separate entity. Thanks to this, it is not limited to Walmart clients, but directs its offer to a wider group of Americans who are insufficiently served by traditional banks.
The introduction of cryptocurrency trading can be a key element of this strategy, combining the convenience of everyday purchases with modern financial solutions and the growing market of digital assets.
