OnePay

OnePay: mobile banking, credit, and rewards fintech

OnePay is a financial technology company that offers a personal finance app with mobile banking, cards, investing, and cryptocurrency services. The company presents itself as a digital alternative for managing money, with products designed to help you save, spend, build credit, and earn rewards. Its website states that it is not a bank, but a fintech, and that banking services are provided by Coastal Community Bank or Lead Bank, Members FDIC.

Financial products and services

OnePay's lineup includes several product lines. The banking account offers early direct deposit and a high-yield savings account. For families, it offers an option that lets teens learn financial skills while parents stay in control. Investing allows access to the stock market with as little as $1. The crypto service lets you buy, sell, and track cryptocurrency right in the app. The CashRewards Card earns a percentage back in cash on purchases. Pay Later is a flexible payment option available at Walmart. The digital Wallet offers rewards at Walmart. Credit Score is a free tool to check your credit score. It also offers an IRA to start saving for retirement.

Cards and credit building

The Builder Card is designed to build credit with every purchase, according to the company, and reports activity to credit bureaus unless the user opts out. The OnePay CashRewards Mastercard offers unlimited cash back: 3% on Walmart purchases, which can increase to 5% for Walmart+ members, and 1.5% on all other purchases, with no annual fee. The card is issued by Synchrony Bank under a Mastercard license. OnePay Later loans are powered by Klarna and their partner banks, subject to credit approval.

Investing and cryptocurrency

The investing service lets you open an account with one dollar. Brokerage services are offered by One Growth Securities LLC, member FINRA and SIPC, with clearing and custody by DriveWealth, LLC. To invest, you must open a OnePay deposit account, which is the sole funding source. The crypto service lets you buy, sell, and track crypto assets in the app; transactions and custody are handled by Zero Hash LLC and Zero Hash Liquidity Services LLC through an agreement with OneProgress Assets LLC. The company warns that cryptocurrency is not insured by SIPC or FDIC and that its price can fluctuate.

Walmart integration and rewards

Several OnePay products are linked to Walmart. Pay Later is presented as the flexible way to pay at Walmart. The digital Wallet offers rewards at Walmart. The CashRewards Card gives cash back on purchases made at U.S. Walmart locations and on Walmart.com. In addition, OnePay Rewards and Walmart+ member benefits are part of the offering for shoppers.

Target audience and reach

OnePay serves different segments: individual customers looking for mobile banking, families with teens, beginner investors, crypto users, and Walmart shoppers. It also offers solutions for enterprises, employers, gig platforms, and HR tech. The company states that millions of customers use its banking services and that the app has more than 151,000 reviews on Google Play.

Security and transparency

The company states that it takes security seriously and invites you to learn about its protection measures. In its legal disclosures, it clarifies that it is a financial technology company and not a bank, that banking services are provided by Coastal Community Bank or Lead Bank, Members FDIC, and that investment products are not FDIC insured or bank guaranteed and may lose value. Approved deposit accounts are FDIC insured up to $250,000 per depositor through pass-through insurance at Coastal Community Bank or Lead Bank and, as applicable, their sweep partner banks, if certain conditions are met.

Customer service

OnePay offers phone support 24 hours a day, 7 days a week, and chat available in the app continuously.