The news: Walmart-linked fintech OnePay will roll out $35/month wireless plans through its app on September 10.
How we got here: Fintechs increasingly are getting involved in broadening services for users in the hopes of creating an “everything app.”
Klarna launched a $40/month wireless phone plan in June to tap into a new reliable revenue stream. Fintech MAJORITY also released a wireless plan through AT&T with a $40 base price, and Revolut started offering mobile plans in the UK.
Why this matters: Both OnePay and Klarna are powering their plans through Gigs, which helps companies bundle wireless services with their other products.
Rewarding potential: Gigs also says its product could be turned into a rewards structure, for example, by cashing in points for a discounted phone bill or extended data access.
For fintechs, opportunities to improve their rewards packages can help position them to compete with incumbents that can typically offer more compelling rewards.
Our take: Walmart’s OnePay wireless initiative would have a better chance for significant customer adoption if the retailer didn’t already offer several phone plans: Walmart Family Mobile and Straight Talk.