Walmart-owned bank app OnePay to add Bitcoin, Ether trading this year: Report
News Summary
OnePay, a banking app majority-owned by Walmart, is reportedly set to roll out cryptocurrency trading and custody services to its users later this year, initially supporting Bitcoin (BTC) and Ether (ETH). Positioned as a US version of a "superapp" akin to China's WeChat, OnePay already offers a range of banking services including high-yield savings accounts, credit and debit cards, loans, and wireless plans. US Securities and Exchange Commission (SEC) Chairman Paul Atkins has expressed support for platforms offering multiple financial services, including digital asset trading, lending, and staking, under a single regulatory framework. This updated regulatory stance comes as other major players like Coinbase, South Korean fintech Toss, and Elon Musk’s X are also aggressively pursuing their own "superapp" strategies, indicating a heating competition in the sector.
Background
OnePay is a banking app majority-owned by Walmart, aiming to become a US "superapp" modeled after China's WeChat. WeChat is an all-in-one platform integrating messaging, social media, payments, shopping, and numerous mini-apps, allowing users to perform various tasks from chatting to paying bills, ordering food, and booking travel. OnePay currently offers a range of financial services, including high-yield savings accounts, credit and debit cards, loans, and wireless plans. During incumbent US President Trump's administration, the US Securities and Exchange Commission (SEC) has been exploring regulatory frameworks to adapt to the evolving digital asset market. SEC Chairman Paul Atkins previously voiced support for integrated financial platforms operating under a unified regulatory umbrella, which aligns with the "superapp" development direction of companies like OnePay and potentially provides regulatory tailwinds for cryptocurrency business expansion.
In-Depth AI Insights
What are Walmart's deeper strategic considerations in entering the cryptocurrency space? - Walmart's move into Bitcoin and Ether trading via OnePay is not merely about offering a new service, but about seizing a strategic high ground within the digital payments and retail ecosystem. This aims to leverage its vast customer base, converting everyday consumers into crypto users, thereby deepening customer loyalty and expanding the reach of its financial service offerings. - Given the Trump administration's cautiously open stance on cryptocurrencies and the SEC Chairman's support for "superapps," Walmart's action could be laying the groundwork for larger-scale digital currency integration in the future, such as potential stablecoin payment options, which could reduce transaction costs and bypass some limitations of traditional banking. What are the key challenges and disruptive potentials for the "superapp" model to succeed in the US market? - Despite its large user base and technological innovation, the US market lacks a highly integrated "superapp" like WeChat primarily due to user privacy culture, stringent antitrust regulations, and a mature ecosystem of specialized vertical applications. For OnePay to succeed, it must strike a delicate balance between convenience, security, and user data protection, while effectively integrating diverse services like payments, finance, and retail. - If OnePay can overcome these challenges and successfully build a highly sticky "superapp," it will not only reshape the competitive landscape of US retail and financial services but could also, through digital asset integration, pose a disruptive threat to traditional banks and payment networks, particularly among younger demographics and digital natives. What does the SEC Chairman's regulatory stance on "superapps" imply for the digital asset industry? - SEC Chairman Atkins' support for "superapp" models operating under a unified regulatory framework suggests that regulators are attempting to adapt to, rather than outright suppress, fintech innovation. This could provide a clearer pathway for large tech and financial institutions to expand into digital assets, reducing compliance uncertainty. - However, this "minimum effective dose" regulatory strategy could also raise concerns about consumer protection and systemic risks, especially when a single platform integrates various high-risk digital asset services like trading, lending, and staking. Investors should closely monitor the implementation of regulatory specifics to assess potential changes in compliance costs and market entry barriers.