Walmart's OnePay Aims to Be the WeChat of U.S. Finance with Crypto

Walmart's majority-owned fintech subsidiary, OnePay, is set to introduce cryptocurrency trading and custody services on its mobile app, marking a significant expansion into digital finance. The platform will offer access to Bitcoin and Ethereum later this year, leveraging infrastructure provided by Zerohash, a startup specializing in compliant crypto solutions. This move positions OnePay to compete with established fintech apps like PayPal and Cash App, which already provide crypto trading features. The integration aims to enable users to convert their crypto holdings into cash for in-store purchases or card payments, aligning with Walmart's broader strategy to create a comprehensive digital financial ecosystem.

The rollout, expected by year-end 2025, underscores Walmart's ambition to cater to a broader audience beyond its core retail customers. OnePay, launched in 2021 in partnership with venture firm Ribbit Capital, has steadily expanded its offerings to include high-yield savings accounts, credit and debit cards, buy-now-pay-later loans, and peer-to-peer payments. The addition of crypto services follows a broader industry trend of mainstream adoption, accelerated by shifting regulatory dynamics in the U.S. and increased institutional interest in digital assets. Zerohash's compliance-focused infrastructure, which includes anti-money laundering (AML) and know-your-customer (KYC) protocols, will underpin the secure and regulated environment for trading.

Walmart's entry into crypto trading is poised to disrupt traditional financial institutions and fintech competitors. The OnePay app, already ranked fifth on Apple's free finance app store, has surpassed major players like JPMorgan Chase and Robinhood in popularity. Its integration into Walmart's checkout process-serving 150 million weekly U.S. shoppers-provides a unique distribution advantage. Analysts suggest the move could accelerate crypto adoption among retail consumers, offering a familiar interface for those new to digital assets while competing with platforms like Coinbase and Binance.

The partnership with Zerohash is critical to ensuring regulatory compliance and operational security. Zerohash, backed by firms including Morgan Stanley and Interactive Brokers, recently secured $104 million in funding to scale its crypto infrastructure. This collaboration aligns with Walmart's cautious yet strategic approach to innovation, balancing growth with risk management. The firm's decision to launch services in multiple U.S. states by year-end reflects a phased rollout designed to test market demand and regulatory responses before a wider launch.

Walmart's foray into crypto trading highlights the evolving role of retail giants in digital finance. As traditional banks and fintechs race to capture crypto-adept consumers, Walmart's vast customer base and established trust in financial services could give it an edge. The integration of crypto into everyday transactions-such as using Bitcoin to pay for groceries-signals a shift toward mainstream utility for digital assets. This aligns with broader trends, including Morgan Stanley's recent announcement to offer crypto trading via E-Trade, indicating growing institutional acceptance.

The move also reflects Walmart's broader vision for OnePay as a "super app" rivaling global counterparts like WeChat. By bundling crypto with existing financial tools, the platform aims to simplify digital finance for underserved consumers. With crypto trading projected to attract millions of new users, Walmart's strategic timing-capitalizing on heightened retail interest and regulatory clarity-positions it to capture a significant share of the market. The success of this initiative will hinge on user adoption, regulatory developments, and the platform's ability to maintain seamless, secure transactions.