Walmart’s Financial App Doubled To 6 Million Users. It Still Won’t Finance A Grocery Run.

OnePay, the consumer fintech backed by Walmart and Ribbit Capital, has roughly doubled over the past year to about 6 million monthly active users and roughly $50 billion in annualized payment volume, according to Bloomberg, which cited people familiar with the company’s results who were not authorized to discuss figures that are not public. Walmart and OnePay have not confirmed the numbers, and they remain small against the largest card networks and mobile wallets. Bloomberg reported in January that a share repurchase valued the company at about $4 billion, up from $2.5 billion in 2024.

The growth is notable less for its size than for its source. In its 2026 annual report, Walmart groups financial services with expanding offerings like membership, advertising, and marketplace, framing them as mutually supporting parts of its omnichannel model. OnePay is the consumer-facing vehicle for the financial-services piece. Most fintech apps buy users one at a time through paid installs, referral bonuses, and rewards, then watch many go dormant after a month. OnePay starts inside a store. The same annual report puts weekly traffic at roughly 280 million customers and members across more than 10,900 stores, with about 1.6 million associates in the United States, a base OnePay reaches at the register, in the app, and through earned wage access for Walmart’s workforce. A company of roughly 600 employees is scaling on distribution that standalone apps have to rent.

For suppliers, the part of OnePay that touches the shelf is its financing layer, and it is narrower than the headline growth suggests. OnePay Later is powered by Klarna, which became Walmart’s exclusive installment-loan provider in March 2025, replacing Affirm after a six-year run. The loans range from $50 to $6,000 at rates between 9.99 and 35.99 percent, and the published terms apply them to categories that include electronics, home, apparel, jewelry, automotive, sporting goods, lawn and garden, toys, durable baby goods, and durable medical devices. Groceries, pharmacy, personal care, pet consumables, alcohol, and tobacco are not eligible.

That category boundary, not the user count, is what determines whether OnePay’s growth reaches a given supplier. The published terms set eligibility by product category and cart contents rather than by who sells the item, and they do not separately address Walmart Marketplace inventory, so a third-party seller in a financeable category should confirm whether its listings qualify rather than assume the treatment a first-party item receives. Where an item does qualify, the read is the same for 1P and 3P: for brands in electronics, home, or seasonal hardlines, the implication is a pay-over-time option sitting at the point of decision on purchases above the $50 floor, a potential lever on basket size and conversion. For grocery and consumables brands, 1P or 3P, the financing layer does not touch their products at all, and their exposure to OnePay runs through its spending and rewards side instead.

That spending side is the other supplier-relevant piece. OnePay’s cash-back debit account and the OnePay credit card, which Synchrony began issuing on the Mastercard network last fall after Walmart’s Capital One program ended, reward purchases in a place where a lower grocery bill is easy for a shopper to understand. The mechanics differ from BNPL, but the effect points the same direction: more reasons to consolidate spending inside Walmart’s checkout rather than a competing wallet.

The open question is whether the people who arrive through a Walmart sign-up stay for more than one product. Bloomberg reported that about two-thirds of users who join through Walmart go on to add at least one additional financial product, and that OnePay is now working to grow beyond Walmart’s base while pushing existing users deeper into checking, credit, investing, and crypto. No U.S. fintech has built the all-in-one model OnePay is reaching for, and financial trust behaves differently from retail trust, where a declined account or a confusing fee lands harder than a slow checkout line. The figure to watch is not the next user milestone but the rate at which a single checkout feature turns into several, because that is the point at which Walmart’s payment layer stops being a convenience and starts being the place its customers keep their money.

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