Synchrony Financial partners with OnePay for Walmart credit card launch

By Hao Liu • Monday, June 09 12:04 • Permanent Link

OnePay and Synchrony have announced a strategic partnership to launch a new credit card program with Walmart, set to go live this fall. The credit card program will be powered by Mastercard and will be exclusively issued by Synchrony at Walmart, with the credit card experience embedded inside the OnePay app.

OnePay, backed by Walmart and Ribbit Capital, currently serves millions of customers nationwide and offers a suite of financial products, including cashback debit, high-yield savings, installment loans, a digital wallet, and domestic and international peer-to-peer payments. With this partnership, OnePay will now add credit cards to its portfolio, aiming to help people save, spend, borrow, and grow their money in a simplified way.

The program will introduce both a general-purpose card, available to use anywhere Mastercard is accepted, as well as a private label card exclusively for Walmart purchases. The credit card functionality will be integrated into the OnePay app, providing Walmart's U.S. customers with a seamless digital experience and access to OnePay’s financial services products.

Synchrony, leveraging its lending expertise and digital capabilities, aims to deliver financial flexibility through a seamless experience. The program is expected to drive loyalty and sales at attractive risk-adjusted returns and be accretive to the company’s long-term financial performance.

Walmart's executive vice president and chief financial officer, John David Rainey, expressed the company's commitment to providing an upgraded digital financial services experience with greater choice and value for its customers.

The partnership is expected to bring together deep retail expertise, trusted credit capabilities, and the scale, security, and reliability of Mastercard’s global payments network to deliver a seamless, rewarding experience for Walmart customers.

This new credit card program represents an innovative way for Walmart to serve its customers, providing an upgraded digital financial services experience with greater choice and value. Additionally, Synchrony's innovative products and experiences support the growth and operations of some of the country’s most respected brands, as well as more than 400,000 small and midsize businesses and health and wellness providers that Americans rely on. Following these announcements, the company's shares moved 3.08%, and are now trading at a price of $59.22. If you want to know more, read the company's complete 8-K report here.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.