Walmart-backed fintech OnePay plans to integrate cryptocurrency trading features, including Bitcoin and Ether, into its mobile application by the year’s end. This new functionality will allow users to buy, hold, and convert these cryptocurrencies directly within the app. The technology for these services will utilize infrastructure from Zerohash, a company based in Chicago.
Overview of OnePay’s Cryptocurrency Initiative
Although OnePay has yet to make an official announcement, this addition will align it with major competitors such as Venmo, Cash App, and PayPal, all of which already provide cryptocurrency trading capabilities for U.S. users.
Background on OnePay
- Founded in 2021 by Walmart and Ribbit Capital.
- Aims to create an “everything app” for digital finance.
- Existing services include high-yield savings accounts and peer-to-peer payments.
Target Audience and Features
By incorporating cryptocurrency, OnePay anticipates that its user base, which predominantly consists of shoppers at Walmart’s approximately 4,600 U.S. stores, will prefer to manage their fiat and crypto transactions on a single platform.
OnePay operates independently from Walmart, making it more appealing to Americans who feel underserved by conventional banking services. The app’s features also include debit and credit cards, buy now, pay later options, and more.
Impact of Zerohash Funding
Recently, Zerohash has strengthened its position in the cryptocurrency market by securing over $104 million in funding from notable firms, including Morgan Stanley and Interactive Brokers. This investment will enable Zerohash to enhance its offerings for banks and fintech companies.
The integration of cryptocurrency into OnePay’s app illustrates a growing trend among financial technology platforms to provide comprehensive digital solutions. This strategic move may redefine how users interact with digital currencies in their everyday transactions.
