Key facts
- Walmart is backing fintech company OnePay.
- OnePay is pushing an alternative payment system to Walmart's customers and employees.
- This move challenges traditional banks.
- OnePay aims to expand its reach.
Walmart is one of the few major retailers that has not fully adopted Apple Pay, instead opting to promote its own fledgling payment alternative, OnePay. This strategy leverages Walmart's extensive customer and employee base to push OnePay, positioning it as a challenger to traditional banking services. The move signifies a broader trend of large retailers seeking to control more of the financial ecosystem for their customers.