Walmart-Backed OnePay To Offer Bitcoin Trading In App

OnePay to Introduce Bitcoin Trading in Mobile App

OnePay, a fintech venture primarily owned by retail giant Walmart, is set to revolutionize the digital finance space by enabling customers to buy, sell, and hold bitcoin directly within its mobile app. This move aims to make bitcoin more accessible to mainstream U.S. retail consumers, marking a significant step towards widespread adoption of cryptocurrency.

As reported by CNBC, OnePay is partnering with crypto infrastructure firm Zerohash to launch the bitcoin trading service later this year. Founded in 2021 by Walmart and Ribbit Capital, OnePay has evolved into an all-encompassing digital finance platform, offering a range of services such as savings accounts, buy now-pay later options, and wireless plans.

By incorporating bitcoin custody and trading capabilities, OnePay joins the ranks of prominent U.S. fintech companies like PayPal, Venmo, and Cash App, all of which already facilitate cryptocurrency transactions. This integration will empower OnePay users to convert bitcoin into dollars for various everyday transactions, including shopping at Walmart stores and settling card balances.

With Walmart’s vast network of 150 million weekly U.S. shoppers, OnePay’s bitcoin offering has the potential to reach a broader audience compared to its competitors. The timing of this initiative aligns favorably with OnePay’s current standing in the market, as its mobile app ranks among the top free finance apps in Apple’s App Store, surpassing major players like JPMorgan Chase, Robinhood, and Chime.

The Rise of FinTech and Bitcoin Integration

Leading the way in financial innovation, OnePay’s foray into bitcoin trading reflects a larger trend within the fintech industry. Companies like PayPal have already embraced cryptocurrency, allowing users to transact with various digital assets, including bitcoin. In July, PayPal announced support for over 100 cryptocurrencies for U.S. small businesses, offering competitive processing fees that undercut traditional credit card costs.

Despite operating as an independent entity, OnePay leverages its strategic partnership with Walmart to seamlessly integrate its services into the retail giant’s ecosystem. This integration positions OnePay as a convenient and accessible platform for everyday Americans to engage with bitcoin, underscoring Walmart’s recognition of cryptocurrency as a mainstream form of commerce.

OnePay’s suite of financial tools goes beyond bitcoin trading, encompassing features like a digital wallet for payments and rewards, a buy-now-pay-later option called OnePay Later, and OnePay Cards offering debit and rewards credit cards. In addition to bitcoin, the platform will also support trading in Ethereum, further expanding its cryptocurrency offerings.