Walmart’s majority-owned fintech startup, OnePay, announced Monday that it is launching two new credit cards for customers of the world’s biggest retailer. OnePay is partnering with Synchrony, a major player in retail credit cards, which will issue the cards and handle underwriting decisions starting in the fall. OnePay, founded by Walmart in 2021 with venture firm Ribbit Capital, will manage the customer experience for the card program through its mobile app.
Walmart had previously relied on Capital One as the exclusive provider of its credit cards since 2018, but the partnership ended in 2023. Capital One accused Walmart of ending the partnership prematurely to shift transactions to OnePay. The Walmart card had 10 million customers and roughly $8.5 billion in loans outstanding last year, according to Fitch Ratings.
OnePay introduces new Walmart credit cards
This move highlights OnePay’s strategy of partnering with established players to scale up its financial services quickly. In March, OnePay also collaborated with a Swedish fintech firm to handle buy now, pay later loans, despite previously testing its own installment loan programs.
OnePay aims to become a comprehensive financial service provider, offering debit cards, high-yield savings accounts, and a digital wallet with peer-to-peer payments. The new credit card program includes a general-purpose credit card usable anywhere and a store card limited to Walmart purchases. Customers who do not qualify for the general-purpose card will be offered the store card.
Our goal with this credit card program is to deliver an experience for consumers that’s transparent, rewarding, and easy to use,” OnePay CEO Omer Ismail said. 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.
The details of the rewards program for purchases made with these cards have not yet been disclosed.
