One is majority-owned by Walmart.

Walmart (NYSE: WMT) the retailer with 1.6 million employees at 5,335 store locations across the U.S. and 150 million weekly customers, is finally making serious inroads into banking. One, a fintech startup that is majority owned by the retail giant, will be the vehicle for the new venture, which envisages, in a beta phase, offering checking accounts to its employees and some of its online customers, says a report by Bloomberg.

Walmart previously applied for an industrial banking licence in Utah in 2005 with the primary intention to save millions of dollars annually by processing card transactions internally; however that application was canned after a couple of years.

Nevertheless, the company offers customers a number of financial services including encashment of checks at its MoneyCenter locations, tax preparation services, and foreign remittances through associate arrangements with companies including MoneyGram International (NASDAQ: MGI). It also offers credit and prepaid debit cards through Capital One Financial Corp., Synchrony Financial and Green Dot Corp.

“We’ve got a pretty big financial services business, but I would characterize it as being analog, and the opportunity to make it digital is right there in front of us,” Walmart Chief Executive Officer Doug McMillon said last year.

One has a partnership in place with Coastal Community Bank for providing debit cards and other banking services. Those arrangements would continue, according to Bloomberg.

In January, One acquired digital banking account provider One Finance Inc and Even Responsible Finance Inc, which offers workmen early access to their wages. One had $ 250 million in cash when the deals were closed. Currently it has about 300 employees and appointed Afterpay Ltd.’s Laura Nadler as chief financial officer and Apple Inc.’s Raffi Vartkessian as head of customer operations.

For the banking venture at Walmart, One would be off the mark with a significant advantage – a ready customer base comprising the retailer’s 150 million weekly shopping clients and a million strong employees. That means lower marketing expenditure and customer acquisition costs compared to other fintechs.

However, people familiar with the matter told Bloomberg that One intends to rejig its app to offer 2% cashback on money spent at drug stores, gas stations and Walmart locations.

These discounts are expected to bring more shoppers into Walmart’s banking fold.

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