Walmart Accepts Cryptocurrency Payments via OnePay Cash

TLDR

• Walmart’s customer base exceeds 150 million users.
• OnePay aims to enhance payment convenience and security.
• The initiative focuses on Bitcoin and potentially other cryptocurrencies.

Walmart has announced plans to accept cryptocurrency payments through OnePay Cash, a financial technology app closely related to the retail giant. This decision allows Walmart’s extensive customer base of over 150 million to utilize digital currencies for transactions. Key entities involved in this development include OnePay, which originated from a Walmart fintech initiative with Ribbit Capital, and Omer Ismail, the CEO of OnePay.

The primary focus of the integration is on major cryptocurrencies, with Bitcoin (BTC) explicitly mentioned. However, the exact list of supported digital assets remains undisclosed. The move to embrace cryptocurrency aims to enhance payment convenience and security for Walmart shoppers. A Walmart spokesperson stated, “Walmart is dedicated to delivering convenient and secure payment experiences for our customers. Our relationship with OnePay demonstrates our commitment to offering innovative payment solutions that make shopping at Walmart easier and more accessible.”

Understanding the Walmart-OnePay Collaboration

The collaboration between Walmart and OnePay signifies the retailer’s fintech ambitions since 2021. Walmart holds a majority stake in OnePay, formerly known simply as “One,” ensuring strategic alignment in providing financial services. OnePay’s offerings include banking services, buy-now-pay-later options, credit cards, and soon, cryptocurrency trading.

OnePay has seen strategic changes in its partnerships, such as replacing Affirm with Klarna for buy-now-pay-later services and collaborating with Synchrony for new Walmart credit cards. However, no funding amounts or specific institutional allocations were disclosed with the crypto initiative launch. Details regarding grants or crypto earmarks are also undisclosed in primary sources.

Cryptocurrencies Enter Mainstream Retail Payments

The initiative primarily focuses on Bitcoin, with potential support for Ethereum and popular stablecoins, although these are unconfirmed. Historical retail moves to integrate crypto payments, seen in companies like Overstock and PayPal, have sometimes resulted in initial market engagement and price increases for digital currencies. The lasting impact will depend on adoption rates and payment volumes.

No on-chain data such as changes in Total Value Locked (TVL), liquidity shifts, or staking movements are available yet. Blockchain analytics platforms and protocols are typically delayed in reflecting such retail announcements. These integrations often draw short-term market attention, but sustainable change is contingent upon consumer adoption.

Official Statements and Market Observations

Within available primary reporting, there are no individual statements from notable figures in the cryptocurrency field regarding this initiative. Additionally, regulatory or institutional bodies like the SEC and CFTC have not issued updates or comments on Walmart’s cryptocurrency plan. Community developer channels have also remained silent, with OnePay maintaining tight control over its public disclosures.

While direct quotes from key opinion leaders (KOL) such as Arthur Hayes or Raoul Pal are absent, the broader market might keep an eye on subsequent reporting or statements from Walmart’s official Twitter account or Crypto_Town Hall, should Twitter or LinkedIn channels provide further commentary.