OnePay to Launch Cryptocurrency Trading and Custody on Mobile App
OnePay, the fintech company majority-owned by retail giant Walmart, is preparing to introduce cryptocurrency trading and custody features directly within its mobile banking app, according to multiple sources familiar with the plans. This new functionality will enable OnePay customers to buy, hold, and manage bitcoin and ether later this year, facilitated by a partnership with the crypto startup Zerohash. The companies declined to comment ahead of an official announcement.
OnePay’s Vision: Building an American Digital Finance Super App
Founded in 2021 by Walmart and Ribbit Capital, OnePay has aggressively expanded its product lineup, positioning crypto as a core component of its broad financial ecosystem. The firm currently offers high-yield savings accounts, credit and debit cards, buy now, pay later options, and even wireless phone plans. By integrating cryptocurrency capabilities, OnePay users will have the option to convert digital assets into cash seamlessly, facilitating purchases at Walmart stores or payments on credit balances through the app.
Crypto Adoption Accelerates Among Traditional Financial Institutions
The inclusion of crypto in mainstream financial services reflects a broader shift in the U.S. regulatory and banking landscape. Major financial institutions that previously hesitated to offer crypto products are now embracing the market. For example, Morgan Stanley recently announced plans to provide retail clients with direct crypto access through its E-Trade platform. Zerohash, OnePay’s crypto partner, recently secured $104 million in funding from notable financial firms including Morgan Stanley and Interactive Brokers, underscoring growing institutional interest in crypto infrastructure.
User Traction and Competitive Positioning
OnePay’s app is gaining significant traction, currently ranking fifth among free finance apps on Apple’s App Store, ahead of established players such as JPMorgan Chase, Robinhood, and Chime. Notably, most apps ahead of OnePay, including PayPal, Venmo, and Cash App, already support cryptocurrency. The fintech benefits from Walmart’s extensive customer base, with over 150 million weekly U.S. shoppers able to access OnePay’s services both online and in-store. The app’s integration into Walmart’s checkout process presents a unique channel for widespread adoption. Despite its close ties to Walmart, OnePay operates as an independent entity, aiming to attract a broad segment of Americans underserved by traditional banks.
FinOracleAI — Market View
OnePay’s decision to integrate cryptocurrency trading and custody signals a strategic move to capture a growing segment of digital finance consumers seeking seamless access to crypto assets within everyday banking platforms.
- Opportunities: Leverages Walmart’s extensive retail footprint to drive mass adoption; positions OnePay as a competitive super app in the U.S. fintech space; aligns with increasing institutional acceptance of cryptocurrency.
- Risks: Regulatory uncertainty around crypto assets could impose compliance challenges; competition from established fintechs with existing crypto offerings; potential volatility in crypto markets may impact user engagement.
Impact: OnePay’s crypto integration is expected to enhance user engagement and expand its market share in digital banking, reinforcing its standing as a leading fintech backed by a major retail partner.
