OnePay by Walmart Allows Shoppers to Convert Cryptocurrency to Cash Immediate
Key Takeaway:OnePay Closes the Cryptocurrency and Commerce GapTechnical Infrastructure and PartnershipsCryptomic Utility Scaling 150M Weekly ShoppersInfluence on the Retail Fintech Scene
The shift places OnePay in the full-fledged competition with leading fintech companies such as PayPal, Venmo, and Cash App offered by Block. These solutions have been providing different types of crypto support over the years, but the fact that Walmart is thoroughly integrated with traditional retail is what provides OnePay an edge over the competition. As a user, the fact that one can manage a paycheck, get rewards, and use Bitcoin in the same ecosystem to purchase their household items is an impressive value proposition.
According to industry observers, it is one of several trends that are moving toward financialization of retailing. By providing a digital wallet that can be used with both fiat and crypto, Walmart is effectively proving to take over a larger portion of the financial life-cycle of the consumer. This decreases the dependence on the conventional banks and credit card networks, which may minimize transaction costs to the retailer and provide greater freedom to the customer.
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