Market Insider – Walmart-backed fintech OnePay is poised to take a significant leap into the world of digital assets, with plans to offer cryptocurrency trading and custody directly through its mobile application, Market Insider has learned.
The move signals that OnePay, the fintech firm majority-owned by retail giant Walmart and co-founded with venture firm Ribbit Capital in 2021, views crypto as a core component of its strategy to build an American “everything app” or super app for digital finance.
Bitcoin and Ether Incoming
Sources familiar with the matter indicate that OnePay will soon give its customers access to Bitcoin and Ethertrading and custody services, expected to roll out later this year. To facilitate this offering, OnePay is partnering with the startup Zerohash.
By integrating crypto, OnePay customers would gain the ability to seamlessly convert their digital currency into cash. This cash could then be used for store purchases, paying off card balances, or other banking functions offered within the app.
Building a Digital Super App
The integration of crypto is the latest step in OnePay’s methodical expansion. The company’s current offerings already include a wide range of financial products:
- High-yield savings accounts
- Credit and debit cards
- Buy now, pay later (BNPL) loans
- A digital wallet with peer-to-peer payments
- Even wireless plans
This growing suite of services positions OnePay to compete with popular overseas super apps like WeChat.
Gaining Traction and Following the Trend
The crypto push comes as digital assets continue to gain mainstream adoption. The U.S. government’s stance toward the nascent technology has softened, prompting major financial institutions to dive in. Just last month, Morgan Stanley announced it would soon offer retail clients direct access to crypto through its E-Trade subsidiary, underscoring the broader institutional trend.
Zerohash, OnePay’s chosen partner, is benefiting from this trend. The startup recently raised $104 million in funding from major firms including Morgan Stanley and Interactive Brokers, confirming its role in enabling banks and brokers to build out their crypto offerings.
For OnePay, its mobile app is already showing significant momentum. It currently ranks No. 5 on Apple’s app store for free finance apps, placing it ahead of major incumbents like JPMorgan Chase, Robinhood, and Chime.5 Tellingly, nearly all the apps ranked higher than OnePay, including PayPal, Venmo, and Cash App, already offer crypto services—a competitive gap OnePay is now moving to close.
The Walmart Advantage
OnePay’s most distinct advantage remains its ties to the world’s largest retailer. The app’s distribution channel is integrated into the in-person and online checkout processes at Walmart’s U.S. locations, providing direct access to the 150 million Americans who shop there weekly.
However, the firm was strategically created as a separate entity from the retailer to ensure its appeal is not limited to Walmart customers, but extends to the broader population of Americans often underserved by traditional banking institutions.
