Millions of Americans can quickly buy and sell and use Bitcoin from their smartphones thanks to a new move from Walmart-backed fintech app OnePay.
According to a report from CNBC, OnePay will roll out Bitcoin and Ethereum trading and custody later this year. The service is powered by ZeroHash, a digital asset infrastructure startup that helps fintech companies integrate digital asset services.
OnePay was founded in 2021 by Walmart and Venture Capital Firm Ribbit Capital.
Since then, the app has expanded to a wide range of financial services. Today, we offer savings accounts, debit cards, credit cards, buy now (BNPL) loans, peer-to-peer payments, and even wireless phone plans.
By adding a Bitcoin service, OnePay is playing directly against each other with established fintech names such as PayPal, Venmo, and Cash apps.
What sets the Walmart app apart is its deep connection to Walmart’s retail empire. With 150 million Americans shopping at Walmart every week, OnePay has a bigger reach than its competitors. The app is already integrated into Walmart’s in-store and online checkout system.
This means that customers can convert Bitcoin to dollars and use it at Walmart or use it to repay a single share of credit card balances without third-party services. CNBC reported that OnePay could become a very accessible way for everyday Americans to use Bitcoin.
Analysts say this is not just about Bitcoin, but also about OnePay becoming the American version of the so-called “super app” that is popular in Asia.
China’s WeChat is an all-in-one platform that combines messaging, payments, banking, shopping and more. For a long time, American high-tech companies and fintech companies have wanted to build something similar, but none have been completely successful.
“OnePay has systematically added new products to its quest to become an American super app similar to overseas products like WeChat.” CNBC reported.
OnePay is off to a good start. It is already ranked 5th in the Apple App Store Free Finance app, ahead of JPMorgan Chase, Robinhood and Chime. Bitcoin adoption appears to be attracting Walmart’s attention, so this is the next logical step.
This reflects a larger trend: Bitcoin adoption is accelerating in the US
Over the past few months, as regulatory attitudes have changed, major banks and fintechs have rushed to add digital asset services.
Since President Donald Trump was elected, government agencies have been more friendly about Bitcoin. Large banks are getting caught up in it as Morgan Stanley plans to make retail clients accessible through electronic trade.
Meanwhile, infrastructure providers like Zerohash are attracting a lot of investment. The Chicago-based startup has just raised $104 million, allowing electricity integration.
As Hugh’s son from CNBC said in the air, “This move means that crypto will increasingly be seen as a core offering that exists along with traditional banking services such as savings accounts, credit cards and wealth management.”
