Walmart’s financial technology division, OnePay, is set to introduce Bitcoin and Ether trading within its app later this year, enhancing its strategy to establish a strong presence in the competitive digital wallet and consumer banking markets.
Summary
- Walmart’s OnePay plans to add Bitcoin and Ether trading this year.
- This initiative bolsters its “super app” vision and takes aim at competitors like PayPal, Venmo, and Cash App.
- Users will be able to hold and convert cryptocurrency into cash for purchases at Walmart and to settle card payments.
On October 3, CNBC reported that OnePay, the fintech company majority-owned by Walmart, will implement cryptocurrency trading and custody features in its mobile app before year-end.
Sources familiar with the situation indicate that the launch will give users the ability to trade Bitcoin (BTC) and Ether (ETH), thanks to a collaboration with crypto settlement firm Zerohash, making digital assets central to its “everything app” vision.
OnePay’s ambition for a U.S. “super app”
The report suggests that OnePay’s entry into digital currencies is part of a broader strategic plan to emulate successful overseas “super apps” like China’s WeChat.
The platform has been on an aggressive growth trajectory, adding features such as yield savings accounts, credit and debit cards, buy now, pay later options, and even mobile plans, all while enhancing its payment capabilities. The integration of Bitcoin and Ether signifies OnePay’s view of cryptocurrency as fundamental to its development rather than just a supplementary offering.
According to the report, OnePay users will have the ability to maintain crypto balances within the app, with the option to convert BTC and ETH into cash for use at Walmart stores or for settling card payments. This functionality could transform cryptocurrency from a speculative asset into a practical resource for everyday transactions.
If successful, this rollout could have far-reaching effects. OnePay is currently the fifth most popular free finance app in Apple’s U.S. app store, surpassing traditional names like JPMorgan Chase, Robinhood, and Chime, as reported by CNBC.
Most of the apps that rank higher, including PayPal, Venmo, and Cash App, have long offered crypto services. By adding this feature, OnePay addresses a gap that has previously hindered its competitiveness against established fintech players. With Walmart’s access to 150 million weekly shoppers, the potential for scale far exceeds most current digital wallet solutions.
