Walmart Crypto Payments are on the horizon as the retail giant’s fintech arm, OnePay, gears up to enable cryptocurrency trading and custody. According to a CNBC report, OnePay will partner with Zerohash to facilitate the trading and custody of Bitcoin and Ethereum, marking a significant step in Walmart’s digital finance strategy.
Walmart’s Foray into Crypto Payments
Walmart’s move into the crypto space is not entirely unexpected. The company’s fintech venture, OnePay, was established in 2021 in collaboration with Ribbit Capital. The platform aims to be a ‘super app’, offering a suite of financial services including high-yield savings accounts, credit and debit card services, and buy-now-pay-later loans. Adding cryptocurrency trading and custody to its offerings aligns OnePay with fintech leaders like CashApp and PayPal, which already provide similar services.
The integration of crypto payments could revolutionise the checkout process at Walmart. Customers may soon convert their cryptocurrency holdings to pay for goods or settle credit card debts, thanks to OnePay’s deep integration into Walmart’s payment systems.
The Impact of Walmart Crypto Payments
The potential impact of Walmart’s crypto initiative is vast. With over 4,700 stores in the US alone, Walmart’s adoption of cryptocurrency payments could significantly boost mainstream acceptance of digital currencies. This move is part of a broader trend where non-financial companies are entering the financial services sector, leveraging blockchain technology to offer innovative solutions.
Zerohash, the company partnering with OnePay, recently raised $104 million, achieving a valuation of $1 billion. Investors include financial heavyweights like Morgan Stanley and Interactive Brokers, underscoring the growing institutional interest in cryptocurrency infrastructure.
The Trump administration’s supportive stance on cryptocurrencies has further emboldened companies like Walmart to explore blockchain technologies. The administration’s efforts to integrate blockchain with the financial system and enact stablecoin legislation provide a clearer regulatory framework for businesses venturing into this space.
*Disclaimer: This article is for informational purposes only and does not constitute financial advice.*
