NEW YORK—Walmart is taking an even bigger step into the financial services marketplace by adding a new credit card to its offerings.
Teaming with Synchrony and OnePay, the card, set to roll out this fall, will be integrated into the OnePay app and available to Walmart customers, OnePay and Synchrony stated in a release.
OnePay, the consumer fintech backed by Walmart and Ribbit Capital, today serves millions of customers nationwide and offers a suite of banking, credit, and payments products — including cashback debit, high-yield savings, installment loans, a digital wallet, and domestic and international peer-to-peer payments, the companies stated in the release.
“In partnering with Synchrony and Mastercard, OnePay will add credit cards to its growing portfolio as part of its vision to help people save, spend, borrow, and grow their money with a simplified way to holistically manage their financial lives,” the release states.
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.
The credit card functionality will be embedded inside the OnePay app, offering millions of Walmart’s U.S. customers the ability to access OnePay’ssuite of financial services products, the companies explained.
“Our goal with this credit card program is to deliver an experience for consumers that’s transparent, rewarding, and easy to use,” said OnePay CEO Omer Ismail. “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.”