OnePay, the fintech firm majority-owned by Walmart, will soon offer cryptocurrency trading and custody on its mobile app, CNBC has learned. CNBC's Hugh Son joins 'Squawk on the Street' with details.

OnePay, a fintech company majority owned by Walmart and created in partnership with Ribbit Capital, will soon enable cryptocurrency trading on its mobile banking app, according to sources. The app will offer access to Bitcoin and Ether through a collaboration with the startup Zerohash, allowing users to buy, hold, and trade these cryptocurrencies.

This development positions crypto as a standard feature alongside traditional banking services such as savings accounts and credit cards. OnePay's app, which has gained significant popularity and now ranks fifth among finance apps on Apple's App Store, will allow users to convert crypto into cash for purchases at Walmart or to pay off card balances. The move follows similar offerings from other major fintech companies and signals a growing acceptance of crypto in mainstream financial services.

Walmart-backed OnePay to offer crypto trading

Speaking of crypto, sources telling CNBC that OnePay, the fintech firm majority owned by Walmart, is joining the crowded ring of crypto custody and trading. Our Hugh Son is here with some of that reporting. Morning, Hugh. That's right, Carl. So OnePay, created by Walmart and Ribbit Capital in 2021, will soon be adding crypto to its mobile banking app, sources tell me. OnePay will be adding access to Bitcoin and Ether in coming weeks with the help of a startup called Zerohash, according to these sources. The move means that crypto is increasingly seen as a core offering that sits alongside traditional banking services like savings accounts, credit cards and wealth management. Companies from Morgan Stanley's E-Trade to SoFi have announced plans to add crypto in recent months. In terms of use cases, OnePay customers could presumably convert their crypto into cash and then use those funds to make purchases at a Walmart or pay off their card balances. OnePay's crypto adoption comes as the mobile banking app is gaining traction with users. The fintech firm is now number five on Apple's App Store ranking for finance apps, ahead of larger companies, including JPMorgan Chase, Robinhood and Chime. Notably, most of the apps ahead of OnePay in that list, including PayPal, Venmo and CashApp, already offer crypto. Carl? Hugh, do you see this as sort of a seminal moment? I mean, given it is related to Walmart in the trajectory of crypto becoming a mechanism of payment? I mean, I think it is in the terms of use cases and just the ease of which regular folks, people who, you know, go to Walmart, there are 150 million Americans who use Walmart online or in person every week, can now actually have crypto in the very same app. They can buy it, they can hold it, they can store it, they can trade it if they want. And then when they want to go pay for something, they can, you know, turn it into cash and like we said, go, you know, OnePay is actually integrated into the checkouts of Walmart. So it is, I think, a milestone in that case, Carl. All right, Hugh, thank you.

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