Fintech OnePay and Synchrony, a financial services firm, are launching a credit card program with Walmart that will include a general purpose card and one that can be used exclusively for purchases made with the retailer.
Walmart and Ribbit Capital back OnePay. Walmart will offer the Mastercard-affiliated credit card to its customers, as well as consumers in general across the United States.
OnePay already offers banking, credit and payments products, including cashback debit, high-yield savings, installment loans, a digital wallet and domestic and international peer-to-peer payments. In partnering with Synchrony and Mastercard, OnePay will advance in its development as a financial services provider that can holistically manage customers’ financial lives.
In announcing the credit card launch, Linda Kirkpatrick, Mastercard president, Americas, said, “Consumers today expect financial products that are simple, secure, and built around how they live and shop. 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.”
John David Rainey, Walmart executive vice president and CFO, added, “Walmart is always seeking innovative ways to help customers save money and live better. 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.”
Omer Ismail, OnePay. CEO, noted, “Our goal with this credit card program is to deliver an experience for consumers that’s transparent, rewarding and easy to use. 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.”
