OnePay and Synchrony Partner with Walmart for Industry-Leading Credit Card Program

OnePay and Synchrony are partnering to launch a new industry-leading credit card program with Walmart, powered by Mastercard. The credit card experience will be embedded inside the OnePay app and will offer millions of Walmart customers a digital experience and access to OnePay's suite of financial services products. The program aims to deliver a transparent, rewarding, and easy-to-use experience for consumers. Synchrony will leverage its lending expertise and digital capabilities to deliver financial flexibility through a seamless experience.

OnePay, a leading consumer fintech, and Synchrony, a premier consumer financial services company, have announced a strategic partnership to exclusively power a new industry-leading credit card program with Walmart. The program, expected to launch this fall, will embed the credit card experience within the OnePay app, powered by Mastercard's global payments network. This initiative aims to provide millions of Walmart customers with a digital experience and access to OnePay's suite of financial services products.

OnePay, backed by Walmart and Ribbit Capital, currently offers a range of financial services, including cashback debit, high-yield savings, installment loans, a digital wallet, and peer-to-peer payments. By partnering with Synchrony and Mastercard, OnePay will expand its portfolio to include credit cards, aligning with its mission to help people save, spend, borrow, and grow their money in a simplified manner.

The new program will introduce two types of cards: a general-purpose card, available anywhere Mastercard is accepted, and a private label card, exclusively for Walmart purchases. These cards will be seamlessly integrated into the OnePay app, offering a sleek, intuitive digital experience. The program aims to deliver a transparent, rewarding, and easy-to-use experience for consumers.

Synchrony will leverage its deep lending expertise and innovative digital capabilities to deliver financial flexibility through a seamless experience. Following the initial launch and reserve costs, 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.

"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, Chief Executive Officer of 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."

"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 Chief Executive Officer of Synchrony. "Together, we aim to drive even greater innovation and new credit experiences to better serve customers while driving long-term, high-quality growth."

"Walmart is always seeking innovative ways to help customers save money and live better," said John David Rainey, Executive Vice President and Chief Financial Officer of Walmart Inc. "Today's 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."

"Consumers today expect financial products that are simple, secure, and built around how they live and shop," said Linda Kirkpatrick, President, Americas at Mastercard. "Our partnership with OnePay and Synchrony brings 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 — whenever and wherever they choose to pay."

[1] https://www.prnewswire.com/news-releases/onepay-and-synchrony-to-launch-new-industry-leading-credit-card-program-with-walmart-credit-card-to-be-powered-by-mastercard-and-set-to-go-live-this-fall-302476403.html
[2] https://finance.yahoo.com/news/onepay-synchrony-launch-industry-leading-122000839.html