Majority-owned by Walmart, banking app OnePay has announced its plans to roll out crypto support, according to a CNBC report.
According to anonymous sources, the app will support Bitcoin and Ether later this year, aiming to position itself as a superapp in the US, an alternative modelled after China’s WeChat. It already delivers banking services for its users, including high-yield savings accounts, credit and debit cards, loans, and wireless plans.
A western superapp
WeChat is China’s superapp, meaning that it combines social media, payments, shopping, and other mini apps into a single platform, enabling users to chat, pay bills, order food, book travel, and more. Western companies are trying to create a similar all-in-one app, but so far, no one has completely done it.
The timing is optimal for OnePay, as earlier this month, the US SEC expressed support for platforms offering multiple financial services. The regulator mentioned that its strategy includes allowing companies to operate as super-apps, thus facilitating trading, lending, and staking digital assets on one platform and under one single regulatory framework. The SEC also mentioned its belief that regulators should provide the minimum effective dose of regulation needed to protect investors, and no more.
This support encourages companies such as Coinbase to make plans on building a crypto superapp, offering credit cards, payments and Bitcoin rewards to rival traditional banks. South Korean fintech unicorn Toss also announced its intentions to roll out a finance superapp in Australia this year and issue a stablecoin pegged to the Korean won once regulatory approval is granted. In the US, Elon Musk’s social media platform X has been working on an AI-driven superapp.
OpnPay’s initiative comes as it expanded its offering to include wireless phone plans, launching OnePay Wireless, supported by Gigs, an operating system provider that allows tech companies to deliver mobile services.
