Discount retailer Walmart (WMT) is expanding into cryptocurrencies through its OnePay venture.
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OnePay says it will soon allow users to trade and hold cryptocurrencies on its app and digital wallet, marking the company’s latest bid to become a one-stop shop for online banking. Walmart, which is OnePay’s largest backer, has been steadily investing in new ventures, including online advertising, membership programs, and a third-party marketplace as it pushes deeper into finance.
OnePay says it will launch a cryptocurrency offering by year’s end, giving users the ability to transact in Bitcoin (BTC) and Ethereum (ETH). Crypto infrastructure company Zerohash will help enable OnePay’s crypto transactions.
Digital Financial Services
OnePay launched in 2021 with financial backing from Walmart. OnePay says its aim is to offer digital financial services within the Walmart ecosystem and beyond. However, OnePay isn’t the only financial firm Walmart is invested in. In addition to OnePay, Walmart has a majority stake in Indian fintech PhonePe.
Over the past four years, OnePay has expanded its offerings aggressively, including adding a buy now, pay later service, a store-branded credit card, and a tool to help consumers build credit. OnePay’s app and digital wallet are integrated into Walmart’s checkout system as well as Walmart’s rewards program.
Is WMT Stock a Buy?
The stock of Walmart has a consensus Strong Buy rating among 30 Wall Street analysts. That rating is based on 30 Buy ratings issued in the last three months. The average WMT price target of $114.86 implies 12.22% upside from current levels.
