TLDR
- OnePay to offer Bitcoin and Ether trading within its app by 2025.
- Zerohash will power OnePay’s crypto trading and custody services.
- Walmart-backed OnePay aims to become a comprehensive fintech platform.
- OnePay targets 1.5 million users with new cryptocurrency features.
Walmart’s OnePay is set to expand its services by integrating cryptocurrency trading and custody features by 2025. The move will allow its 1.5 million users to buy, hold, and convert Bitcoin (BTC) and Ether (ETH) directly within the app. This development places OnePay in competition with major U.S. fintech platforms such as PayPal, Venmo, and Cash App, as the company works to evolve into a comprehensive digital financial platform.
OnePay’s Plan to Integrate Crypto Services
OnePay, a mobile financial platform launched by Walmart in 2021, plans to introduce crypto capabilities to its app by the end of 2025. According to sources, the app will allow users to buy, hold, and convert popular cryptocurrencies like Bitcoin and Ether. This integration aims to position OnePay as a “super app” that consolidates a range of financial services, including banking, payments, lending, and now, cryptocurrency.
As part of Walmart’s broader strategy to offer more comprehensive financial services, OnePay is expected to incorporate crypto services with the help of Zerohash, a blockchain infrastructure provider. Zerohash, which works with other financial institutions like Morgan Stanley, will power OnePay’s crypto trading and custody features.
Zerohash to Provide Technology for Crypto Features
Zerohash will play a central role in enabling OnePay’s crypto services. The company provides blockchain infrastructure and APIs that allow platforms to offer crypto trading, custody, and conversion. By partnering with Zerohash, OnePay can tap into the company’s established infrastructure, which simplifies the process of adding crypto features. This partnership reduces the complexity of regulatory and technological hurdles while allowing OnePay to quickly integrate these services into its app.
However, while Zerohash can assist with the technical side, OnePay will need to ensure compliance with U.S. regulations. This includes adhering to Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines. Additionally, the platform will need to address security and custody risks associated with managing crypto assets.
Expanding OnePay’s Financial Ecosystem
The addition of cryptocurrency features is part of OnePay’s broader goal of creating a fully integrated financial ecosystem. The app already offers services such as mobile banking, credit, payments, and savings, making it a one-stop platform for many users’ financial needs. By introducing crypto trading and custody, OnePay will enhance user engagement and further entrench itself as a digital finance solution.
The integration could appeal to retail consumers looking to manage both traditional and digital assets in a single app. Walmart’s extensive retail network could help OnePay gain more users by connecting its digital financial services with in-store offerings. This would create a seamless experience for customers who use Walmart for shopping and financial services.
Regulatory and Market Challenges Ahead
Despite the potential benefits, OnePay’s move into the crypto space comes with several challenges. Cryptocurrency markets remain volatile, which poses risks for both the company and its users. Additionally, the regulatory landscape for crypto services is still evolving, with increasing scrutiny from U.S. regulators. OnePay will need to demonstrate clear compliance with existing financial regulations and ensure that customer funds are well-protected.
Both OnePay and Zerohash have yet to confirm the exact timeline for the rollout of the crypto features. As the app works to expand its offerings, it will need to address concerns related to transaction security, custody solutions, and user protection. The success of this venture will depend largely on how well OnePay navigates these challenges while ensuring that the platform remains user-friendly and secure.
With its planned crypto services, OnePay aims to compete directly with other U.S. fintech platforms like PayPal and Cash App, which have already integrated digital asset capabilities. However, OnePay’s strategy of combining these services with a broader range of financial tools could differentiate it in a crowded market.
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