Walmart's fintech unit OnePay is to add credit cards to its expanding portfolio of financial services.
The credit card programme is expected to launch this fall, with the experience embedded inside the OnePay app and powered by Mastercard's global payments network. The card, issued by Synchrony, will be made available to millions of Walmart customers and to consumers across the US.
OnePay currently 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.
In partnering with Synchrony and Mastercard, OnePay will add credit cards to its growing portfolio, offering both a general-purpose card and a private label card, which will be exclusively for Walmart purchases.
John David Rainey, EVP and chief financial officer, Walmart, says: "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."