What is the story about?
What's Happening?
OnePay, a fintech firm majority-owned by Walmart, is set to offer cryptocurrency trading and custody on its mobile app. The service will allow users to hold and convert Bitcoin and Ether, integrating these options into its existing suite of financial services, which includes high-yield savings accounts, credit and debit cards, and buy now, pay later loans. This move aligns with OnePay's strategy to become a comprehensive digital finance app, similar to international platforms like WeChat. The introduction of cryptocurrency services is facilitated by Zerohash, a startup specializing in crypto solutions.
Why It's Important?
The integration of cryptocurrency trading into OnePay's mobile app represents a significant expansion of digital finance options for U.S. consumers. As cryptocurrencies gain mainstream acceptance, offering these services can attract tech-savvy users and enhance OnePay's competitive edge in the fintech market. This development also reflects broader trends in the financial industry, where companies are increasingly incorporating crypto products to meet consumer demand. For Walmart, leveraging its retail presence with advanced financial services could strengthen customer loyalty and drive further innovation in digital payments.
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