OnePay, a fintech firm majority-owned by Walmart, will soon start offering cryptocurrency trading and custody on its mobile app, according to reports. The development comes as crypto continues to gain mainstream adoption, with banks now openly developing crypto offerings and engaging in talks about issuing stablecoins.
The OnePay app aims to be an “everything app” for digital finance, already offering services like high-yield savings accounts, credit and debit cards, and buy now, pay later loans.
Customers will be able to trade BTC and Ether first
According to CNBC, which cited sources with knowledge on the matter, OnePay has partnered with Zerohash to offer customers access to Bitcoin and Ether later this year.
If OnePay eventually allows users to hold Bitcoin and Ether in their mobile app, customers may be able to convert their crypto into cash and use the funds to make store purchases or pay off card balances.
OnePay will use its links to Walmart, the world’s largest retailer, which has integrated its app into the in-person and online checkout process at its U.S. locations, giving it access to the 150 million Americans who visit there weekly.
This will help it reach a larger audience. However, since it was created as an entity separate from the retailer, its services wouldn’t be limited to only Walmart customers, and would instead look to appeal to the broader population of Americans tuning in to crypto.
The crypto rollout is still in the pipeline, but there are already signs that the mobile app is gaining traction. The fintech firm has moved up to No. 5 on Apple’s App Store ranking for free finance apps.
OnePay on track to become America’s version of WeChat super app
The news of OnePay’s plans to offer cryptocurrency confirms that the company has accepted crypto as a core offering. It is currently positioning itself as the “everything app” like WeChat, but for digital finance, and has been methodically adding new products as it moves towards that goal.
WeChat, China’s all-in-one “super app,” combines messaging, social media, payments, shopping, and countless mini apps into a single platform. Many Western companies have been trying to emulate this with little success, but OnePay may be able to pull it off, banking on its reputation and links to Walmart.
The timing is also favorable for OnePay: earlier this month, the SEC’s Paul Atkins declared support for platforms offering multiple financial services under one regulatory framework.
The regulator’s updated strategy now allows platforms to operate as “super apps” that can facilitate trading, lending and staking of digital assets, all under one regulatory umbrella.
“I believe regulators should provide the minimum effective dose of regulation needed to protect investors, and no more,” Atkins said at the time.
His comments have encouraged many to once again take up the challenge. In America, Coinbase CEO Brian Armstrong has already outlined plans to build a crypto super app that will offer credit cards, payments and Bitcoin rewards. There are also reports that Elon Musk’s social media behemoth X is working on pushing out an artificial intelligence-enhanced super app.
Back in September, South Korean fintech Toss also shared plans to launch a finance super app in Australia this year and issue a Korean won stablecoin. However, it can only proceed after it secures regulatory approval.
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Source: https://www.cryptopolitan.com/onepays-mobile-app-crypto-trading/
