Walmart-backed fintech OnePay is set to enhance its digital finance platform by introducing cryptocurrency trading and custody features by the end of this year. This innovative service will allow users to buy, hold, and convert popular cryptocurrencies like bitcoin and ether directly within the app, thanks to the infrastructure support from Chicago-based Zerohash, as reported by CNBC. While OnePay has yet to officially confirm this rollout, it positions itself alongside competitors such as Venmo, Cash App, and PayPal, who have already embraced cryptocurrency trading for U.S. users.
Launched in 2021, OnePay is a collaborative effort between Walmart and venture firm Ribbit Capital, aiming to create an “everything app” for digital finance. The platform already offers a variety of financial services, including high-yield savings accounts, debit and credit card options, peer-to-peer payments, and buy now, pay later solutions. By integrating cryptocurrency, OnePay appears to be leveraging its close ties with Walmart to cater to its vast customer base, which frequents nearly 4,600 Walmart stores across the United States. The goal is to provide users with a seamless experience for managing both traditional currency and crypto on a single platform.
“OnePay is banking on the idea that its users will want to spend, save, or transfer crypto on the same platform they handle cash,” suggests industry experts.
While OnePay operates independently from Walmart to attract a wider audience, it remains focused on serving Americans who may be underserved by conventional banking institutions. In a notable development, Zerohash recently raised over $104 million from investment giants like Morgan Stanley and Interactive Brokers, signaling a robust demand for expanded crypto services in the financial sector.
OnePay Cryptocurrency Features Rollout
Key points regarding OnePay’s plans for cryptocurrency services:
- Cryptocurrency Trading and Custody: OnePay is set to introduce cryptocurrency trading and custody features in its app by year-end, allowing users to buy, hold, and convert bitcoin and ether.
- Partnership with Zerohash: The infrastructure for these crypto services will be provided by Zerohash, enhancing OnePay’s capabilities in the digital finance space.
- Competitive Landscape: This move aligns OnePay with fintech competitors like Venmo, Cash App, and PayPal, which already offer similar cryptocurrency functionalities to their users.
- Comprehensive Digital Finance App: OnePay aims to be an “everything app” for digital finance, providing diverse services including high-yield savings accounts, peer-to-peer payments, and buy now, pay later options.
- Target Market: The service is designed for Walmart shoppers, leveraging the existing customer base to potentially encourage the spending, saving, or transferring of cryptocurrency within a familiar platform.
- Separate Operations: Even though OnePay is connected to Walmart, it operates independently to attract a wider audience, especially those underserved by traditional banking methods.
- Recent Funding for Zerohash: Zerohash recently secured over $104 million from major firms, indicating strong investor confidence in the growth and demand for cryptocurrency services in banking and fintech.
The introduction of cryptocurrency features could greatly enhance user engagement and provide seamless financial solutions for those accustomed to Walmart’s ecosystem, enabling them to navigate both traditional and digital currencies.
OnePay’s Cryptocurrency Ambitions: A Game Changer or Just Another Contender?
Walmart-backed fintech OnePay is making headlines with plans to introduce cryptocurrency trading and custody features, possibly positioning itself as a significant player in the digital finance arena. By offering in-app functionalities to buy, hold, and convert leading cryptocurrencies like bitcoin and ether, OnePay aims to streamline financial management for its users. This move aligns OnePay with notable competitors such as Venmo, Cash App, and PayPal, all of which have successfully integrated crypto services.
Competitive Advantages: OnePay’s strongest leverage could stem from its affiliation with Walmart, granting instantaneous access to a large, potentially crypto-curious customer base of shoppers. The convenience of managing both traditional finance and cryptocurrency within an “everything app” could significantly enrich user experience. This positions OnePay favorably against competitors who offer standalone solutions. Additionally, the association with Zerohash ensures robust infrastructure, which can enhance security and reliability, critical elements in the competitive crypto market.
Disadvantages: However, potential drawbacks may surface as OnePay enters an already saturated market. Established players have amassed loyal user bases and brand trust, making it difficult for a newcomer, even one backed by Walmart, to capture attention and engagement. The lack of public confirmation regarding the rollout could also contribute to skepticism among potential users. Furthermore, the complexities of regulatory compliance in crypto trading could pose additional challenges for OnePay, unlike its more seasoned counterparts.
This news may benefit millennial and Gen Z users who are eager to explore cryptocurrency and value simplicity in managing multiple financial tools through one platform. On the flip side, it could create problems for traditional banks and financial institutions that risk losing customers as users migrate to more integrated and user-friendly platforms. Also, established fintech competitors must now enhance their offerings to retain their market edge, while facing new competition that aims to redefine convenience in digital finance.
