OnePay, the consumer fintech platform owned by Walmart and Ribbit Capital, has teamed up with Synchrony Financial to launch Walmart’s new credit card programme, powered by Mastercard.
The partnership will see Synchrony become the exclusive issuer of OnePay credit cards at Walmart.
Launching this fall, US customers will be able to access the new credit card programme through the OnePay app, with transactions processed via Mastercard’s global network.
Through their collaboration, OnePay and Synchrony will release both a general-purpose card usable at all Mastercard locations worldwide, alongside a specialised private label card for use only at Walmart.
The agreement marks Synchrony’s return as Walmart’s credit card partner, a role it held for almost two decades before the retail giant shifted its store-branded cards to Capital One in 2019. The Capital One partnership ended last year following disputes between the two firms.
The new credit card programme expands OnePay’s financial services portfolio, which currently includes credit-building tools, digital wallet solutions, domestic and international money transfer capabilities, and banking services provided by Coastal Community Bank and Lead Bank.
Earlier this year, OnePay also established a partnership with Swedish buy now, pay later (BNPL) provider Klarna for instalment financing on Walmart purchases, replacing Affirm, which had served the retailer since 2019.
Source: https://www.fintechfutures.com/
