OnePay is rolling out crypto to mobile banking app

OnePay, a fintech company majority-owned by Walmart, is set to introduce cryptocurrency trading and custody on its mobile app. This move is part of the company’s effort to build an “everything app” for digital finance, offering a wide range of financial services to its users. OnePay will provide access to bitcoin and ether, two of the most popular cryptocurrencies, later this year, with the help of startup Zerohash.

The addition of cryptocurrency trading to OnePay’s platform is a significant development, as it will allow users to hold and manage their crypto assets within the app. This could potentially enable users to convert their cryptocurrencies into cash and use the funds to make purchases or pay off card balances. OnePay’s decision to offer crypto trading reflects the growing mainstream adoption of cryptocurrencies, with big banks and other financial institutions also starting to develop their own crypto offerings.

Expansion of Financial Services

OnePay has been methodically expanding its range of financial services, including credit and debit cards, high-yield savings accounts, buy now, pay later loans, and wireless plans. The company’s goal is to become a one-stop-shop for digital finance, providing users with a convenient and integrated platform for managing their financial lives. By offering cryptocurrency trading, OnePay is taking a significant step towards achieving this goal, and positioning itself as a major player in the fintech industry.

The company’s ties with Walmart, the world’s largest retailer, have provided a significant advantage in terms of distribution and access to a large customer base. OnePay’s app is integrated into the checkout process at Walmart’s U.S. locations, giving it access to the 150 million Americans who shop there every week. However, the company was created as a separate entity from Walmart, allowing it to appeal to a broader population of Americans who are underserved by traditional banks.

Mainstream Adoption of Cryptocurrencies

The trend towards mainstream adoption of cryptocurrencies has been gaining momentum, with big banks such as Morgan Stanley starting to develop their own crypto offerings. Last month, Morgan Stanley announced that it would soon offer retail clients direct access to crypto through its E-Trade subsidiary. This development is part of a broader shift towards greater acceptance and adoption of cryptocurrencies, driven by growing demand from investors and consumers.

OnePay’s decision to offer cryptocurrency trading reflects this trend, and is likely to be seen as a significant vote of confidence in the potential of cryptocurrencies to play a major role in the financial system. As the company continues to expand its range of financial services, it is likely to face increasing competition from other fintech firms and traditional banks. However, its strong distribution channel and growing user base position it well to succeed in this rapidly evolving market.