OnePay, the fintech company owned by Walmart, is planning to enter the crypto space soon. The firm aims to launch cryptocurrency trading and custody on its mobile app.
According to a report by CNBC, OnePay will offer access to Bitcoin (BTC) and Ether (ETH) later this year in collaboration with Zerohash. The OnePay app, which already lets users handle regular banking tasks and Walmart payment cards, will now make it easy to manage cryptocurrencies as well.
The new development will allow people to make transactions, track performance of their digital assets, and get updates in real time, all from the same app. The firm plans to add these features to OnePay users in the following months.
Walmart’s move to cater retail and institutions
Crypto experts say that this move could have effects on both the retail and financial sectors. Retailers may look into more integrated digital payment options, and banks may need to rethink their digital asset management services to stay competitive. The company keeps using technology to improve the experiences of its customers and grow its business in both retail and financial services.
This growth fits with Walmart’s larger plan to become a full-service financial center. Earlier this year, Walmart and Amazon said they were considering making their own USD-pegged stablecoins. Sources indicated that both companies discussed internally in recent months how a Walmart stablecoin or an Amazon stablecoin could help them save money on transaction fees and speed up settlement times.
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