Walmart's OnePay and the Future of Crypto-Integrated Super Apps

Walmart's OnePay, the retail giant's fintech arm, has emerged as a pivotal player in the evolving intersection of traditional finance and blockchain technology. By integrating cryptocurrency trading and custody features into its mobile app in 2025, Walmart is positioning itself at the forefront of a broader trend: the rise of the "super app" model, where financial services, retail, and digital assets converge. This move not only reflects the company's strategic ambition to dominate the Web3-driven financial landscape but also signals a significant shift in how mainstream consumers interact with crypto.

Strategic Implications: A Retail-First Approach to Crypto Adoption

Walmart's OnePay app now allows users to buy, sell, and hold Bitcoin and Ethereum, with the ability to convert these assets into U.S. dollars for in-store or online purchases according to a Walmart announcement. This functionality, enabled by a partnership with crypto infrastructure provider Zerohash, bridges the gap between digital assets and everyday retail spending. Unlike platforms that require users to navigate separate wallets or exchanges, OnePay streamlines the process by enabling real-time conversion of crypto into fiat currency within the app. This retail-first approach reduces friction for mainstream users, making crypto more accessible to Walmart's 150 million weekly U.S. shoppers.

The integration also aligns with Walmart's broader strategy to diversify payment options and enhance customer loyalty. By embedding crypto into its ecosystem, the company is not only competing with fintech giants like PayPal and Venmo but also leveraging its massive retail footprint to create a closed-loop system. Users can now fund their accounts via bank transfers, convert crypto into cash, and spend it seamlessly at checkout-effectively turning Walmart into a crypto-friendly financial hub . This strategy mirrors the success of platforms like WeChat Pay and Grab in Asia, where super apps dominate daily transactions.

Financial Implications: Fee Structures and Revenue Models

While specific details on OnePay's crypto custody fees remain undisclosed, the platform's transaction fee structure has been clarified. As of 2025, OnePay charges a 0.99% fee for crypto transactions, matching the rates set by PayPal and Venmo. This competitive pricing is critical in attracting users who are price-sensitive to the traditionally high fees associated with crypto trading. However, OnePay's revenue model extends beyond transaction fees. By integrating crypto with its existing financial services-such as high-yield savings accounts, buy-now-pay-later (BNPL) loans, and credit cards-the platform can generate income through cross-selling and user engagement.

The custody aspect of OnePay's offering, powered by Zerohash's institutional-grade infrastructure, further enhances its revenue potential. While custody fees for 2025 are not explicitly outlined, the partnership with Ribbit Capital-a fintech firm specializing in digital asset custody-suggests that OnePay may adopt a tiered fee structure for custodial services, similar to those seen in traditional banking. This model could generate recurring revenue while ensuring compliance with U.S. financial regulations, a critical factor in scaling crypto adoption.

Competitive Positioning: OnePay vs. PayPal and Venmo

OnePay's real-time crypto-to-dollar conversion at checkout gives it a distinct edge over competitors like PayPal and Venmo, which primarily facilitate crypto transactions through linked bank accounts or credit cards. For instance, Venmo charges 3% for credit card-based money transfers and 1.75% for instant bank transfers according to financial analysis, whereas OnePay's 0.99% fee is more aligned with traditional credit card processing rates. Additionally, PayPal's Pay with Crypto feature, while offering near-instant settlement, lacks the seamless integration of crypto into daily retail spending that OnePay provides as research indicates.

This differentiation is amplified by Walmart's retail dominance. By enabling users to spend crypto at 5,000+ U.S. stores and online, OnePay creates a use case that transcends speculative trading, fostering utility-driven adoption. In contrast, PayPal and Venmo rely on partnerships with merchants to accept crypto, which remains a fragmented and less scalable approach.

The Road Ahead: Challenges and Opportunities

Despite its strategic advantages, OnePay faces challenges. The lack of transparency around custody fees and withdrawal costs could deter price-conscious users, particularly if competitors like Coinbase or Binance offer more competitive terms. Additionally, regulatory scrutiny of crypto custody services remains a risk, though Walmart's partnership with Zerohash and Ribbit Capital- both compliant with institutional standards-mitigates this to an extent.

However, the long-term opportunities are substantial. By embedding crypto into its ecosystem, Walmart is not only future-proofing its business against the rise of decentralized finance (DeFi) but also capturing a younger, tech-savvy demographic. The integration of crypto with loyalty programs and BNPL options further enhances user retention, creating a flywheel effect that could solidify OnePay's position as a dominant super app.

Conclusion: A Catalyst for Mainstream Crypto Adoption

Walmart's OnePay represents a bold step toward mainstream crypto adoption, leveraging the company's retail scale and financial services expertise. While the platform's fee structure and custody model remain partially opaque, its strategic alignment with consumer needs and competitive pricing position it as a formidable player in the fintech space. For investors, OnePay's evolution into a crypto-integrated super app underscores the transformative potential of Web3 in reshaping traditional commerce-and Walmart's role in leading this charge.