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    Walmart’s Banking App OnePay Set to Introduce Cryptocurrency Features: Report

    Ethan CarterBy No Comments2 Mins Read
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    OnePay, a banking app primarily owned by Walmart, is set to introduce cryptocurrency support, as reported by CNBC.

    A recent CNBC report citing unnamed sources indicates that OnePay will soon enable cryptocurrency trading and custody. This feature is expected to include support for Bitcoin (BTC) and Ether (ETH) within the year.

    OnePay aims to be the US version of a “superapp,” inspired by China’s WeChat. The app currently provides banking services such as high-yield savings accounts, credit and debit cards, loans, and wireless plans.

    WeChat serves as China’s comprehensive “superapp,” merging messaging, social media, payments, shopping, and numerous mini apps into one platform. This app, which many Western firms are looking to replicate, allows users to communicate, settle bills, order food, book travel, and more.

    OnePay has not responded to Cointelegraph’s inquiry for comment as of publication.

    Related: Crypto super app brings account abstraction to the Solana blockchain

    The quest for a Western superapp

    Although numerous companies have shown interest in developing a superapp akin to WeChat, none have succeeded so far. The timing might be advantageous for OnePay.

    Earlier this month, US Securities and Exchange Commission Chairman Paul Atkins voiced support for platforms that provide multiple financial services within a single regulatory framework.

    The regulator’s revised strategy includes permitting platforms to function as “super-apps” that can manage trading, lending, and staking of digital assets under a unified regulatory structure.

    “I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more,” Atkins stated at the time.

    Related: The role of the Telegram ecosystem in the future of Web3 — Interview with Catizen

    The race for the superapp heats up

    Atkins’ remarks have not gone unheard. In late September, Coinbase CEO Brian Armstrong unveiled plans to create a crypto superapp that would provide credit cards, payments, and Bitcoin rewards to compete with traditional banks.

    Earlier in September, South Korean fintech unicorn Toss announced intentions to debut a finance superapp in Australia this year and introduce a Korean won stablecoin following regulatory approval. Back in the US, Elon Musk’s social media giant X has been developing an AI-enhanced superapp.