OnePay Launches Crypto Trading for Walmart Users

TLDR

• OnePay now allows trading of Bitcoin and Ethereum.
• Users convert crypto to USD for Walmart purchases.
• OnePay secured $300 million funding, valuing it over $4 billion.

OnePay, Walmart’s backed fintech app, has launched a new feature that allows users to buy, sell, and trade Bitcoin (BTC) and Ethereum (ETH). These functions are aimed at increasing user engagement and offering an additional financial service. However, customers cannot directly use cryptocurrencies at Walmart checkouts; all payments will remain in USD.

This development, which will affect OnePay’s 1.5 million users and could reach Walmart’s 150 million weekly shoppers, was announced in partnership with Zerohash, a crypto infrastructure provider. Walmart’s point-of-sale systems are not configured to handle cryptocurrencies directly. Instead, the system allows users to convert their crypto assets into fiat cash, ensuring compatibility with existing USD processes.

OnePay’s Expanded Features

Launched in 2022, OnePay has diversified from mobile banking to offering various financial services. These services include high-yield savings, credit cards via Synchrony, buy-now, pay-later (BNPL) options with Klarna, and peer-to-peer payments. Recently, it introduced crypto trading via its partnership with Zerohash.

OnePay ranks fifth on the App Store for finance, surpassing giants like Chase and Robinhood. The fintech firm secured $300 million in funding in 2024, led by Walmart and Ribbit Capital, bringing its valuation to $2.5 billion. Current estimates, bolstered by employee share buybacks, place the company’s worth at over $4 billion.

Crypto Conversion and Spending

OnePay users can now hold and trade BTC and ETH within the app. They can convert these cryptocurrencies into USD, which can then be spent at Walmart. The process ensures that Walmart never handles cryptocurrency directly; only USD is processed at checkouts. Simon Taylor, a fintech professional, clarified the mechanism by stating:

“You can’t actually pay with Bitcoin at checkout. You buy crypto in the app. You sell crypto in the app. The proceeds hit your OnePay Cash balance. – – Then you spend dollars at the register…. The Walmart POS never sees crypto. It sees USD.”

Simon Taylor

Previously, initiatives to accept cryptocurrencies directly at merchant checkouts failed. These failures were recorded in attempts from 2014, 2016, and 2021. OnePay’s approach of using crypto as an engagement feature instead of a payment method could help avoid pitfalls that others faced.

No Impact on Regulatory Environment

As of now, no regulatory updates or policy changes from major bodies like the SEC, CFTC, or ESMA have been linked to this feature. The trading facilities are reportedly adapted to existing regulations to ensure user accessibility. No specific licensing or compliance issues have been raised concerning this new feature.

The affected crypto assets are limited to BTC and ETH, and no mentions of alternative coins, governance tokens, or blockchain data like TVL changes were provided. The absence of regulatory commentary indicates that neither the SEC nor any other entities are focused on this particular rollout.