00:00A new challenger to banks is emerging on the payments front, and it's powered by one of America's biggest retailers,
00:05Walmart.
00:06OnePay, which is a financial technology service backed by Walmart, now has 6 million monthly active users and $50 billion
00:13in annualized payments.
00:14That is double the figures from the previous year. Bloomberg fintech reporter Paige Smith has been writing about this, and
00:20she joins us now.
00:21So how is Walmart employing OnePay, and what do users get from it?
00:27So just to be clear, OnePay is a financial technology company, a fintech, that is backed by Walmart, but also
00:35by Ribbit Capital, which is one of the country's foremost venture capital firms.
00:40And to be very clear, it's a completely independent company.
00:43But it is certainly benefits from these really loyal customers that shop at Walmart and shop online at Walmart.
00:52And basically, the goal for this fintech is to become a consumer fintech super app.
00:59Like a super app in what sense? Like a super app like consumers in China have known for 20 years?
01:07Exactly.
01:07Really? So like doing everything from ordering food to your banking in one single app.
01:12You know, Facebook and David Marcus tried to do this a million years ago. It didn't work out.
01:16So it certainly does. I would say that there is an uphill battle there to be that to be America's
01:22super app for sure.
01:24And I think that there are also a number of companies that, as you said, have tried or are actively
01:28trying to do that.
01:29You know, Robinhood comes to mind as being kind of an entity that really wants to capture as much of
01:35your wallet and your spend and your banking as possible.
01:38But that's also what OnePay wants to do. And I would say they do have this benefit of just these
01:43customers that are kind of ready for they're very loyal.
01:47They love shopping at Walmart. And, you know, it's sort of well known that the biggest U.S. banks in
01:53this country maybe don't know or are very well known for catering for two wealthier individuals.
01:58Right. And not necessarily to some underserved customers. So just to be clear, it's not that Walmart owns this, Walmart
02:04backs the service, but OnePay has access to Walmart's customers or do Walmart customers have to opt in?
02:10How does that work? So you would sort of like any sort of fintech app, you download it and you
02:15you have the option to create a bank account.
02:18That bank account won't necessarily be housed at OnePay because OnePay is not a bank itself, but they'll work with
02:26their banking partners to essentially essentially offer their banking services.
02:30They also have a debit card that you could sign up for. They have they have a trading platform available.
02:38All sorts of services. Buy now, pay later. Still no Apple Pay at Walmart. No.
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