OnePay, a FinTech venture owned by Walmart, will soon allow customers to purchase, sell and hold Bitcoin directly on the mobile app. This access helps to provide Bitcoin access to mainstream US retail consumers.
According to a CNBC report, OnePay will launch its service later this year in a partnership with Crypto Infrastructure Firm’s Zerohash.
Founded in 2021 by Walmart and Ribbit Capital, OnePay steadily builds digital finance “all apps” and offers savings accounts, cards and buy now.
By adding Bitcoin custody and transactions, the company will jump on a Bitcoin boat along with other US fintech leaders, such as the PayPal, Venmo and the Cash app. All of these already allow crypto purchases.
The integration could provide OnePay users with the ability to convert Bitcoin to dollars for daily use, such as by purchasing from the Walmart store or paying back the balance on their cards.
With Walmart’s 150 million US shoppers already plugging into its ecosystem, OnePay’s Bitcoin offering could reach a much wider audience than its rival apps.
In the case of OnePay, timing seems to be better. The company’s mobile app ranks number one in Apple’s App Store free finance apps by JPMorgan Chase, Robinhood, Chime and CNBC.
Fintech Bitcoin embrace
Almost every OnePay app on the App Store, including PayPal and Cash apps, has already done some form of Bitcoin trading.
In July, PayPal said it could accept more than 100 cryptocurrencies, including Bitcoin, into small businesses through its online payment platform.
The merchant paid a promotion fee of 0.99% in the first year, then rose to 1.5%.
OnePay acts as another entity, but its real strength comes from its deep integration into Walmart’s well-established, large-scale retail ecosystem.
That level of distribution positions it as one of the most accessible on-ramps for everyday Americans to interact with Bitcoin, highlighting the increasing view of Bitcoin as part of mainstream commerce by the world’s largest retailers.
OnePay itself is not a single service, it is a set of financial tools. The lineup includes digital wallets for payments and rewards. Then there is a purchase payment option with Klarna. It also has a OnePay card that has both a debit card and a reward credit card to earn points when you purchase.
In addition to Bitcoin, the app also supports trading with Ethereum.
Source: https://bitcoinmagazine.com/news/walmart-backed-onepay-to-offer-bitcoin-trading-in-app
