Breaking: Walmart and Synchrony Financial Partner to Launch New Credit Cards
In a move that could reshape the retail giant’s financial services landscape, Walmart’s fintech company OnePay has joined forces with Synchrony Financial to introduce a new credit card program. This collaboration, announced on Monday, brings back a partnership that ended in 2018 and aims to expand Walmart’s digital payment options while reducing network fees.
New Credit Card Offerings
As part of the partnership, Synchrony will issue two types of credit cards: a Walmart-specific card for in-store and online purchases, and a MasterCard that can be used anywhere. These cards, set to launch in autumn, will be managed through the Walmart app OnePay, which handles user interactions. Synchrony will oversee the financial aspects, including balance sheets, card issuance, and loan administration.
Targeting a Massive Customer Base
The new credit cards are designed to cater to Walmart’s extensive U.S. customer base, with 90 percent of customers living within 10 miles of a Walmart store. Additionally, the cards will be targeted at Walmart’s 1.6 million U.S. employees. While specific interest rates and fees have not been disclosed, OnePay promises to release these details closer to the launch date.
Background and Historical Context
OnePay, Walmart’s financial services subsidiary founded in 2021 with Ribbit Capital, has been expanding its payment services. It offers high-interest savings accounts, a digital wallet, and peer-to-peer finance tools. Walmart employees already benefit from OnePay’s debit card services and a recent partnership with Klarna for installment loans. This new collaboration with Synchrony replaces a previous partnership with Capital One, which Walmart ended in 2024 due to transaction delays and slow card replacements.
Strategic Implications
By leveraging its vast customer base and digital infrastructure, Walmart aims to enhance its financial services offerings and capture more of the payment ecosystem. This strategic move aligns with Walmart’s broader efforts to reduce fees paid to traditional card networks and operators, potentially leading to cost savings and improved customer loyalty.
Looking Ahead
As Walmart continues to innovate in the fintech space, the new credit card program represents a significant step forward in its digital transformation. With the cards set to launch this autumn, Walmart and Synchrony are poised to capture a substantial share of the U.S. retail market, offering consumers more flexible and cost-effective payment options.
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