Walmart Offers Crypto Transactions Through OnePay App

Payment integration in OnePay

Retail giant Walmart is reportedly preparing to enable cryptocurrency transactions through its OnePay app, marking one of the most significant steps a global retailer has ever taken to integrate digital assets into mainstream commerce. The move will allow millions of Walmart customers to spend, send, and potentially store cryptocurrency within the company’s payment ecosystem, bridging the gap between traditional retail and Web3 finance.

Walmart has been experimenting with digital assets and blockchain:

• Launching an NFT collection in 2022 as part of Walmart Land in the metadata world.

• Explore blockchain-based supply chain solutions for logistics and transparency.

• Patent registration related to digital currency and crypto ecosystem.

The OnePay app currently serves as Walmart’s integrated mobile wallet and payment hub, managing loyalty rewards, digital gift cards, and buy now, pay later features. The addition of cryptocurrency payments allows Walmart to:

• Attracting young, crypto-savvy consumers.

• Provide alternative payment and remittance methods, especially in areas with unbanked populations.

• Competing with fintech companies like PayPal, which launched the stablecoin PYUSD, and with stablecoin-native crypto wallets like MetaMask's mUSD.

Wave of adoption or regulatory calculation?

Economically, this is the driving force behind the massive growth of cryptocurrencies: Walmart’s 150 million US customers – earning an average of $60,000 – represent untapped crypto holders, potentially injecting $5-10 billion into the market as yields lure savers from 0.5% savings accounts.

The Stablecoin Payments Transparency Act (CLS) expedites passage. On the micro side, Zerohash's MPC custody service (99.99% uptime) mitigates hacks, but Oracle dependencies pose a risk of rapid collapse - mitigated by multiple data feed redundancy.

Competition is heating up: Venmo’s push into ETH is slowing in 2024, but Walmart’s omnichannel advantage (from app to store) could take it to 20% market share. Risks? SEC scrutiny of unregistered securities (ETH’s commodity status helps), or user error in volatile transactions.

Evaluation and Conclusion

Walmart’s planned integration of cryptocurrency into OnePay could mark a turning point for widespread adoption, bringing digital assets from exchanges and DeFi into everyday shopping. By starting with a familiar retail wallet, Walmart has the potential to normalize cryptocurrency as another payment method at checkout, similar to debit cards or PayPal.

Disclaimer: The information presented in this article is the author's personal opinion in the cryptocurrency field. It is not intended to be financial or investment advice. Any investment decision should be based on careful consideration of your personal portfolio and risk tolerance. The views expressed in this article do not represent the official position of the platform. We recommend that readers conduct their own research and consult with a professional before making any investment decisions.