Walmart’s OnePay to Embrace Crypto Trading: A Game Changer in Fintech
Walmart’s fintech platform, OnePay, is gearing up for a major shift by introducing Bitcoin and Ethereum trading on its mobile banking app before the end of 2025. This move positions Walmart in direct competition with established financial services like PayPal, Venmo, and Cash App. The announcement, reported by CNBC on October 3, reveals that OnePay will partner with Zerohash, a crypto infrastructure company, to manage the trading and custody aspects of this initiative.
Current Offerings of OnePay
Launched in 2021 as a joint venture between Walmart and venture firm Ribbit Capital, OnePay has been making waves in the financial services space. While Walmart holds the majority stake, the platform operates independently, providing a variety of financial products such as high-yield savings accounts, credit and debit cards, buy now-pay-later loans, and wireless plans. By adding cryptocurrency trading, OnePay aims to evolve into a comprehensive "everything app" for managing finances—similar to the multifunctional WeChat app widely used in China.
Details of the Crypto Trading Feature
With the new features, OnePay users will be able to buy, sell, and hold Bitcoin and Ethereum directly within the app. The platform will allow users to convert their crypto holdings into cash, which can be used for purchases at Walmart or to pay off credit card balances. This new offering adds a layer of convenience, bridging the gap between traditional banking and emerging digital currencies.
The backbone of this operation will be powered by Zerohash, a startup based in Chicago that recently secured $104 million in funding from major financial institutions like Morgan Stanley and Apollo Global Management. Currently, Zerohash provides crypto services for companies including Interactive Brokers, Stripe, BlackRock, and DraftKings, boasting a user base of over 5 million across 190 countries.
Rising Popularity of OnePay
OnePay is on the rise, recently climbing to the fifth position in the Apple App Store rankings for free finance apps. It has surpassed popular apps like JPMorgan Chase, Robinhood, and Chime. Within the past month, the app improved its ranking by at least 50 spots on both Apple and Google Play stores, reflecting a strong demand for its services. With competing apps like PayPal, Venmo, and Cash App already offering cryptocurrency trading, OnePay’s forthcoming features are essential for maintaining competitiveness in a rapidly evolving fintech landscape.
Navigating the Regulatory Landscape
The timing of OnePay’s crypto rollout aligns favorably with changes in the regulatory environment. Following former President Donald Trump’s election, there has been a notable shift in the U.S. government’s stance on cryptocurrency. SEC Chairman Paul Atkins has voiced support for platforms that integrate multiple financial services, allowing for “super-apps” capable of handling trading, lending, and staking of digital assets under one umbrella. As traditional banks that once steered clear of crypto begin to enter the space—such as Morgan Stanley, which plans to offer crypto trading via E-Trade—Walmart’s venture is strategically positioned.
Bitcoin has seen a recent surge, crossing the $121,000 mark, while the stablecoin market has hit a significant milestone of $300 billion. These developments signal a growing mainstream acceptance of digital assets, making OnePay’s integration of crypto trading all the more timely.
Target Audience and Accessibility
OnePay’s distinct operational structure allows it to target a broader audience beyond just Walmart shoppers. Its offerings are particularly beneficial for Americans who may lack access to conventional banking services. By integrating cryptocurrency trading into an app that millions already utilize for everyday transactions, OnePay effectively removes barriers that often deter individuals from engaging with digital currencies. Users will have the unique advantage of trading Bitcoin in a familiar interface, similar to managing their checking accounts, eliminating the need for separate crypto apps or complex processes.
Additionally, it’s worth mentioning that while OnePay aims to simplify crypto trading, these features may not be available in all states. Moreover, transactions via Zerohash do not come with FDIC or SIPC insurance, which means users could potentially lose their entire investment if issues arise.
Looking Ahead
Though OnePay has not specified an exact launch date, it has indicated that the cryptocurrency trading features will be available “later this year.” The company has also not disclosed any plans to support additional cryptocurrencies beyond Bitcoin and Ethereum. If OnePay manages to streamline the process of crypto trading for average users, it’s likely that other retail-focused fintech platforms will follow suit.
With the prospect of 150 million Walmart shoppers gaining easy access to cryptocurrency trading, this initiative represents a groundbreaking channel through which millions can engage with digital currencies in their daily lives. As the line between retail and fintech continues to blur, OnePay’s ambitious move could pave the way for a new chapter in the mainstream adoption of cryptocurrencies.
