Walmart-backed OnePay offers credit and debit cards, high-yield savings accounts, and digital wallets with purchases now and later loans and peer-to-peer payments.
Photos obtained from the OnePay website
OnePay, a FinTech company owned by Walmart, is launching its own branded wireless plan as it seeks to become a one-stop shop for users.
OnePay Wireless will be available on the OnePay app from Wednesday, according to Gigs, a mobile service startup that partners with the company.
The plan costs $35 a month for unlimited 5G data, talk and text on the AT&T network, Giggs said. The plan will be activated within the app with a few clicks, with no credit checks or activation fees required, the startup said.
Created by Walmart in 2021 with venture company Ribbit Capital, OnePay systematically built its products to become an American super app similar to overseas products such as Wechat and Alipay. OnePay services include digital wallets with credit and debit cards, high-yield savings accounts, buy now, later loans, and peer-to-peer payments.
The OnePay-Gigs Partnership is the latest example of fintech companies adding wireless connectivity to their product sets. Klarna and Nubank made similar announcements.
OnePay confirmed the launch and declined to comment further.
Gigs CEO Hermann Frank said embedding wireless plans into fintech services reduces AT&T’s customer acquisition costs, namely savings that can be shared with end users.
“The average consumer is mostly overpaying their phone bill,” Frank said. “Now we can offer our products at about half the price that a typical consumer is paying for now.
According to the company’s joint statement, there is a “growth pipeline” of US companies that plan to offer their own wireless plans from gigs and AT&T. Companies usually get a percentage of revenue from these plans, Frank told CNBC.
“The future allows consumers to purchase and manage their mobile phone plans from any individual or workplace app they use every day,” said William Traylor – Platforms & Partnerships, AT&T’s vice president of emerging businesses, in a statement.
