Walmart, the world's biggest store, is planning to change how we use money.
- A company they support, called OnePay, will soon let people use cryptocurrency.
- This is a big deal because it could change how we all buy and sell things.
The Problem with How We Pay Now
It's Expensive:
When you use a credit card, stores like Walmart have to pay a fee to companies like Visa and Mastercard. - This fee is like a hidden tax that makes prices higher for everyone.
It's Slow:
Even though you pay instantly, it takes days for the store to actually get the money.
Some People are Left Out:
Many people don't have good bank accounts and have to use expensive check-cashing services. The current system doesn't work well for them.
Walmart's Plan: The OnePay App
Walmart is trying to fix this problem with its app, OnePay.
What it is:
OnePay is meant to be a "super app" where you can do all your banking, payments, and now, use crypto.
What it will do:
Soon, you'll be able to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum right in the app.
How it works:
You can be at the checkout in Walmart and use the app to turn your Bitcoin into dollars to pay for your groceries instantly. This makes using crypto as easy as using a gift card.
Why This Matters
Makes Crypto Easy:
OnePay will make crypto simple for millions of people who shop at Walmart. You won't need to understand complicated technology; you'll just see a new way to pay in an app you trust.
Bypasses the Big Banks:
When you use OnePay at Walmart, the money can go directly from you to the store. This cuts out the credit card companies and their fees, which could save Walmart billions of dollars and lead to lower prices.
Challenges Old Finance:
The OnePay app wants to do everything your bank does, like savings and loans. This is a direct challenge to big banks and credit card companies like Visa and Mastercard.
A Look at the Future:
This is the beginning of a big change. Soon, the company where you buy groceries might also be your main bank. Digital money will become a normal part of everyday life.
Last words
Walmart plans to integrate cryptocurrency into its fintech app, OnePay, aiming to disrupt traditional payment methods and challenge companies like Visa and Mastercard. The app is designed as a "super app" allowing users to buy, sell, and hold cryptocurrencies, convert them instantly for payments, and bypass traditional banking fees.
The future of cryptocurrency adoption, the adoption of digital ledger technology and the adoption of bitcoin, which I call the internet of money is galloping into view.
The End
@Shortsegments
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This post was written by Shortsegments, who has been writing about cryptocurrency, the blockchain, digital ledgers, bitcoin, ethereum, and decentralized finance for seven years. You will find his articles here on his blog Link to his blog.
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