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OnePay, a financial technology firm partially owned by Walmart, intends to introduce cryptocurrency services later this year. The mobile banking application is anticipated to enable customers to trade and store Bitcoin and Ethereum. The organization has partnered with Zerohash, a provider of cryptocurrency infrastructure, to support these services, including digital asset custody and management.
The decision is part of OnePay's strategy to incorporate digital assets into its broader financial offerings. The firm views cryptocurrency as a key addition to its product offering as it develops a comprehensive application for banking and financial services. The move also places the company in the same position as other large US financial apps that already offer cryptocurrency functionalities, such as PayPal, Venmo, and Cash App.
OnePay plans to create a US-centered 'super app' inspired by ideas similar to China's WeChat. Currently, it offers services such as high-yield savings accounts, debit and credit cards, loans, and wireless plans. By adding cryptocurrency trading and custody, it is broadening its function as a comprehensive digital finance platform.
Industry analysts do note, however, that OnePay's strong integration with Walmart gives it a competitive advantage. The app is directly connected to Walmart's in-store and online checkout systems, providing access to over 150 million weekly customers in the United States. This distribution network could boost the adoption of its new crypto services.
The move follows a growing openness among regulators to multipurpose financial platforms. US Securities and Exchange Commission Chairman Paul Atkins recently endorsed the idea of super apps. He said that such platforms could offer several services, including the trading of digital assets, under a unified regulatory framework.
Other companies are following similar approaches. Coinbase aims to become an "everything exchange" by adding tokenized equities and prediction markets. Robinhood continues to expand its combined crypto and stock services, while Elon Musk's X platform has indicated its goal to evolve into a comprehensive financial super app.
Since launching in 2021, OnePay has steadily expanded its services to rival established banking and fintech firms. Its app regularly ranks high among finance apps on Apple's App Store, surpassing competitors like JPMorgan Chase, Robinhood, and Chime. The integration of cryptocurrency features strengthens its role as a leading player in the rapidly expanding digital finance industry.
