Capital One Walmart Credit Card Signs will be available on Tuesday, November 19, 2019 at our Mountain View, California store.
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OnePay, a majority of Walmart fintech startups, said on Monday it was launching bank partners and credit cards for customers of the world’s largest retailer.
OnePay is partnering with Synchrony, the leading behind-the-scenes player for retail cards.
OnePay was created by Walmart in 2021 along with Venture Firm Ribbit Capital and handles the customer experience of your card program through the mobile app.
Walmart has been leaning on Capital One as its exclusive credit card provider since 2018, but sued the bank in 2023 to allow the relationship to be withdrawn several years before the schedule. At the time, Capital One accused Walmart of trying to end the partnership, allowing transactions to be moved to OnePay.
The Walmart Card Program had 10 million customers and about $8.5 billion in loans last year when its partnership with Capital One ended, according to Fitch Ratings.
For Walmart and its fintech companies, the arrangement shows that OnePay is choosing to partner with established players rather than go alone when it seeks to expand quickly in financial services.
In March, OnePay announced that Swedish fintech company Klarna is tapping to pay later loans at retailers, even after testing its own installment loan program to process purchases now.
One-stop shop
In its quest to become a one-stop shop for Americans not being served by traditional banks, OnePay has neatly built products that include debit cards, high-yield savings accounts and digital wallets with peer-to-peer payments.
OnePay offers two options: A general-purpose credit card that can be used where MasterCard is accepted, and a store card that only allows purchases of Walmart.
Customers with knowledge of the programme say that customers whose credit profiles do not allow general-purpose cards to be qualified will be provided with a store card.
OnePay has yet to disclose the rewards you expect to purchase with a card. The synchronous partnership was previously reported by Bloomberg.
“The goal of this credit card program is to provide an experience for transparent, challenging and easy to use consumers,” OnePay CEO Omer Ismail said in a release Monday.
“We are excited to partner with Synchrony to check each of these boxes and launch a programme that serves millions of people,” Ismail said.
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