Details
Written by: RJ
Walmart is launching a new credit card in partnership with Synchrony and OnePay. Card is set to release this fall, no other details as of yet.
OnePay, a leading consumer fintech, and Synchrony (NYSE: SYF), a premier consumer financial services company, today announced a strategic partnership to exclusively power a new industry-leading credit card program with Walmart (NYSE: WMT). The credit card program is expected to launch this fall, with the experience embedded inside the OnePay app and powered by Mastercard’s global payments network, and will be made available to millions of Walmart customers and to consumers across the U.S.
OnePay, the consumer fintech backed by Walmart and Ribbit Capital, today serves millions of customers nationwide and offers a suite of banking, credit, and payments products — including cashback debit, high-yield savings, installment loans, a digital wallet, and domestic and international peer-to-peer payments. In partnering with Synchrony and Mastercard, OnePay will add credit cards to its growing portfolio as part of its vision to help people save, spend, borrow, and grow their money with a simplified way to holistically manage their financial lives.
As part of the program, OnePay and Synchrony will introduce both a general-purpose card, which will serve as the program’s signature card and be available to use anywhere Mastercard is accepted, and a private label card, which will be exclusively for Walmart purchases. The credit card functionality will be embedded inside the OnePay app, offering millions of Walmart’s U.S. customers a sleek, intuitive digital experience and the ability to access OnePay’s suite of financial services products.
Thoughts
No card details yet. Given Walmart is in completion with services like Target Circle and Amazon Prime, both of which offer a 5x card. I’d say this card needs to do the same.
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