Walmart-backed fintech and Synchrony to launch Walmart credit card
Consumer fintech OnePay and financial services company Synchrony are teaming with Walmart and Mastercard on an upcoming new credit card program.
OnePay, a fintech jointly backed by Walmart and investment firm Ribbit Capital (previously known as One), and Synchrony are forming a strategic partnership to exclusively provide a new credit card program with Walmart .
The credit card program is expected to launch in fall 2025, embedded inside the OnePay app and supported by the Mastercard global payments network, and will be made available to Walmart customers as well as to consumers across the U.S.
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.
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"Walmart is always seeking innovative ways to help customers save money and live better," said John David Rainey, executive VP and CFO, Walmart Inc. "This announcement represents one more way we're serving our customers the way they want to be served, providing an upgraded digital financial services experience with even greater choice and value."
The credit card functionality will be embedded inside the OnePay app. OnePay currently offers a suite of banking, credit, and payments products including cashback debit, savings, installment loans, digital wallet, and domestic and international peer-to-peer payments. By partnering with Synchrony and Mastercard, OnePay will add credit cards to its portfolio.
"Our goal with this credit card program is to deliver an experience for consumers that's transparent, rewarding, and easy to use," said Omer Ismail, CEO, OnePay. "We're excited to be partnering with Synchrony to launch a program at Walmart that checks each of those boxes and will help serve millions of people."
Following the initial launch and reserve costs, the program is expected to drive loyalty and sales at risk-adjusted returns and be accretive to the company's long-term financial performance.
"We are proud to be selected by OnePay to further our mission of helping people live better and build healthier financial futures with Walmart," said Brian Doubles, president and CEO, Synchrony. "Together, we aim to drive even greater innovation and new credit experiences to better serve customers while driving long-term, high-quality growth."
