OnePay has made significant enhancements to its services since Walmart took a majority stake in the company, and now the fintech is expanding further by adding crypto trading to its platform.
According to CNBC, OnePay customers will be able to trade bitcoin and ether as early as this year through a partnership with crypto firm Zerohash. While OnePay has not specifically confirmed the details, if users are able to hold bitcoin and ether in the mobile app, it would likely mean they could also convert their crypto holdings and use the funds to make purchases at Walmart or pay off balances.
The addition of crypto capabilities represents another major milestone for the firm, which was established by Walmart and venture firm Ribbit Capital just four years ago. Since its launch, OnePay has climbed to become the fifth-ranked free finance app on Apple’s App Store, joining the ranks of fintech heavyweights like PayPal, Venmo, and Cash App.
Adding to Its Repertoire
Although the Walmart connection has certainly fueled the platform’s rapid growth, OnePay was built as an independent company from the retailer, with the goal of extending its reach beyond even Walmart’s substantial customer base.
Like many rival fintechs, OnePay has continued to aggressively add services. The company partnered with Synchrony to issue Walmart’s store-branded credit cards after Walmart recently moved on from Capital One.
OnePay also helped Walmart add buy now, pay later (BNPL) through a partnership with Klarna. Altogether, OnePay now offers credit and debit cards, savings accounts, BNPL, a digital wallet, peer-to-peer (P2P) payments, and even wireless plans.
Importing the Concept
This formidable array of services rivals those offered by China’s super apps, Alipay and WeChat Pay. These unified mobile platforms have become one-stop shops for consumers, often extending well beyond financial services to include features like shopping and messaging.
Many fintech firms are now working to bring the super app concept overseas. Klarna, for example, has continued to expand its product suite with offerings like a debit card and wireless plans. Even Bolt, originally known as a merchant checkout solution, has begun to shift into the super app market.
Similarly, PayPal, Venmo, and Cash App have all introduced features that stretch far beyond their trademark P2P payments. While these fintechs may lack the Walmart partnership that OnePay enjoys, they currently operate more established platforms and boast significantly stronger crypto and digital assets capabilities—at least for now.
