Walmart taps own fintech firm for credit cards after Capital One exit

Walmart’s fintech startup, OnePay, has announced a new partnership with Synchrony to launch a pair of credit cards for customers of the retail giant. The collaboration will see Synchrony issuing the cards and handling underwriting decisions, while OnePay will manage the customer experience through its mobile app. This move comes after Walmart’s previous exclusive partnership with Capital One ended in a lawsuit in 2023.

The new credit card program will offer two options: a general purpose card that can be used anywhere Mastercard is accepted, and a store card exclusively for Walmart purchases. Customers who may not qualify for the general purpose card will be offered the store card instead. Details on rewards for card purchases have not yet been disclosed.

OnePay, created by Walmart in 2021 with Ribbit Capital, aims to provide a comprehensive financial services experience for customers. In addition to credit cards, OnePay offers debit cards, high-yield savings accounts, and a digital wallet with peer-to-peer payments. The partnership with Synchrony demonstrates OnePay’s strategy of collaborating with established players to quickly scale up in the financial services sector.

OnePay CEO Omer Ismail expressed excitement about the new credit card program, highlighting the goal of delivering a transparent, rewarding, and user-friendly experience for consumers. The collaboration with Synchrony is expected to serve millions of people shopping at Walmart.

Overall, the partnership between OnePay and Synchrony marks a significant step in Walmart’s efforts to expand its financial services offerings and provide a seamless shopping experience for its customers. With a focus on innovation and customer satisfaction, OnePay continues to solidify its position as a leading player in the fintech industry.