Walmart is using its own fintech firm to provide credit cards after dumping Capital One
Walmart 's majority-owned fintech startup OnePay said Monday it was launching a pair of credit cards with a bank partner for customers of the world's biggest retailer.
OnePay is partnering with Synchrony, a major behind-the-scenes player in retail cards, which will issue the cards and handle underwriting decisions starting in the fall, the companies said.
OnePay, which was created by Walmart in 2021 with venture firm Ribbit Capital, will handle the customer experience for the card program through its mobile app.
Walmart had leaned on Capital One as the exclusive provider of its credit cards since 2018, but sued the bank in 2023 so that it could exit the relationship years ahead of schedule. At the time, Capital One accused Walmart of seeking to end its partnership so that it could move transactions to OnePay.
The Walmart card program had 10 million customers and roughly $8.5 billion in loans outstanding last year, when the partnership with Capital One ended, according to Fitch Ratings.
For Walmart and its fintech firm, the arrangement shows that, in seeking to quickly scale up in financial services, OnePay is opting to partner with established players rather than going it alone.
In March, OnePay announced that it was tapping Swedish fintech firm Klarna to handle buy now, pay later loans at the retailer, even after testing its own installment loan program.
One-stop shop
In its quest to become a one-stop shop for Americans underserved by traditional banks, OnePay has methodically built out its offerings, which now include debit cards, high-yield savings accounts and a digital wallet with peer-to-peer payments.
OnePay is rolling out two options: a general purpose credit card that can be used anywhere Mastercard is accepted and a store card that will only allow Walmart purchases.
Customers whose credit profiles don't allow them to qualify for the general purpose card will be offered the store card, according to a person with knowledge of the program.
OnePay hasn't yet disclosed the rewards expected for making purchases with the cards. The Synchrony partnership was reported earlier by Bloomberg.
'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 in the Monday release.
'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,' Ismail said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
28 minutes ago
- The Independent
How to buy a Nintendo Switch 2 at Walmart, Best Buy, Target and more
The Nintendo Switch 2 has finally launched, and while some people managed to snag one on launch day across the country at Best Buy and GameStop, many are still on the hunt. Consoles at Walmart and Target have been flickering in and out of stock online, so your best bet is to keep checking. Meanwhile, Costco members can still order online, with delivery expected by 12 June, but availability is likely to change quickly. Best Buy and GameStop are sticking to in-store sales for now, so it's worth calling ahead before making the trip. Stock varies widely by location. Below, we've rounded up the latest retailer updates to help you track down a Nintendo Switch 2. Where can you buy the Nintendo Switch 2 in the US? Walmart: Coming in and out of stock Target: Coming in and out of stock Costco: In stock now for members only, arrives in 3 business days est Buy: In stock now, in-store only GameStop: In stock now. in-store stock only Nintendo: In stock now by invitation-only Sam's Club: Sold out on 6 June Amazon: Out of stock Newegg: Out of stock How to buy a Nintendo Switch 2 in the US Nintendo If you want to buy a Switch 2 from Nintendo, the gaming giant is still enforcing its invite-only system. To be eligible, you need an active 12-month Switch Online subscription and at least 50 hours of gameplay on your Nintendo account. Even then, there's no guarantee you'll get an invite. If selected, you'll receive a notification with a purchase window. Invites are still being sent out, but they've been sporadic. For now, the odds are slim, but it's still worth registering interest via the My Nintendo Store. Walmart Walmart's online stock has been flickering in and out since launch. Consoles and bundles occasionally reappear without warning, so it's worth checking the site throughout the day. There's no queue system or drop schedule — if it's in stock, it's first come, first served. In-store availability also varies widely. Some locations received extra units after launch, while others sold out quickly. If you're planning to visit, it's best to call ahead to check local stock levels before heading out. Target Target has had multiple restocks online since launch, with brief windows of availability before selling out again. Orders can be placed for home delivery or same-day store collection, depending on local inventory. There's no restock schedule, so frequent refreshing helps. Some physical stores may have leftover stock, but Target isn't guaranteeing in-store availability. Staff handed out tickets on launch day, and walk-in stock has been limited since. Online remains your best option. Costco currently has Switch 2 bundles available online for members. The package includes the console, Mario Kart World, and a 12-month Switch Online + Expansion Pack membership. Orders placed now are showing delivery within three business days. Stock could change quickly as word spreads, and you'll need an active Costco membership to check out. If you prefer shopping in person, it's worth calling your local warehouse to confirm whether units are available on-site. Best Buy Best Buy is only selling the Nintendo Switch 2 in-store. There's no option to buy the console online – only accessories and games are listed. Your only option is to try your nearest store. Stock levels vary by location, and there's no live inventory tracker for consoles. Before heading out, it's worth phoning ahead to avoid a wasted trip. My Best Buy Plus/Total members can still earn bonus rewards on Nintendo purchases. GameStop's big launch bundle, which included the Switch 2, Mario Kart World, accessories and a microSD card is no longer available to buy online, and there's been no word on a restock. It's worth checking in-store as GameStop is, like Best Buy, prioritizing walk-ins. Sam's Club Sam's Club's online listing for the Switch 2 bundle sold out on 6 June. Since then, there's been no restock and no announcement from the retailer. Listings are still live but are currently marked as 'out of stock'. Some shoppers have reported limited in-store stock in select locations, but it's hit or miss. If you're a Plus member and want to try in person, ring your local club first to check availability.
Daily Mirror
2 hours ago
- Daily Mirror
Viktor Gyokeres furious with Sporting Lisbon after learning of transfer 'lie'
Sporting Lisbon striker Viktor Gyokeres is likely to be on the move this summer but he's been left fuming with his club for demanding more for him than they agreed Viktor Gyokeres has been left fuming with Sporting Lisbon after they demanded more for him than they promised as he looks for a way out of the Portuguese club. The Swede has just helped them land the domestic double and, after choosing to remain last summer, had an agreement with them that they would let him depart for significantly less than his release clause. Whilst they've honoured that Sporting have still be asking for more than he expected. The Lisbon outfit have been demanding £67million for him. Previously they agreed that they would demand £50m plus £8.4m in add-ons this summer - meaning they asked for almost £10m more, reports Record. It has left Gyokeres fuming and he's removed the club's name from his social media platforms. The player has already turned down a potential move to Saudi Arabia after Al-Hilal saw a £55million offer rejected. He is the latest striker to rebuff the Middle East league with Manchester United and Arsenal still keen. The Swede is one of Europe's most sought after strikers after breaking the 50 goal barrier with Sporting Lisbon. He's been tipped for a Premier League move but he was recently offered the chance to land fortunes by moving to the Saudi Pro League. Al-Hilal, who have just appointed for Inter Milan boss Simone Inzaghi as manager, had been looking to land Victor Osimhen. However the Nigerian knocked them back after his loan stint at Galatasaray with his parent club, Napoli, looking to cash in. That led the Saudis to turn their attention to Gyokeres but the Swedish frontman has also said no to a lucrative offer. He could've earned an annual salary of £30m but wants to continue competing in Europe, reports L'Equipe. It means both Arsenal and United are free to pursue a move for the 27-year-old, who previously played in England for the likes of Swansea and Coventry City before his career was transformed by Ruben Amorim. The Portuguese boss is looking to bolster his forward line and could pursue a reunion with Gyokeres. It is understood that Sporting would sanction his sale for around £60m - despite looking for more so far this window - and the player himself is open to the move despite them not having Champions League football. Arsenal have been touted as his other option. It is well documented that the Gunners want a No.9 but their preference looks to be Benjamin Sesko at RB Leipzig with discussions ongoing over a move for the Slovenian. Gyokeres himself has remained coy on his own future. Join our new WhatsApp community and receive your daily dose of Mirror Football content. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
Auto Blog
2 hours ago
- Auto Blog
Walmart is selling a ‘powerful' $60 drill set for only $28, and shoppers say it's ‘as good as a DeWalt'
Longueuil,Quebec, Сanada- May 28, 2014: View at Longueuil storefront from its parking is an American public multinationnal corporation stores and warehouse stores. Autoblog aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission. Every once and awhile, we stumble upon a can't-miss deal, and today we found a drill set at Walmart that is 53% off. If you've been wanting to upgrade your tools or simply start fresh with a new set, now is the perfect time. The Cshidworld 20V Cordless Drill Set is now on sale for only $28. The discounted set comes with 36 pieces and is ideal for small tasks at home and DIY projects. Cshidworld 20V Cordless Drill Set, $28 (was $60) at Walmart The drill set is available in four color options — blue, yellow, pink, and red. It includes three HSS twist drill bits, three Brad point drill bits, 16 screwdriver bits, nine sleeves, one extension bar, a rechargeable battery, and one flexible hex shaft that all fit neatly inside a storage case. The cordless drill features a motor with 266-in-lbs of max torque that can drill into various types of materials including plastics, metals, and wood. One shopper said, 'This is very solid and powerful. The case stores all the bits and is very sturdy as well. Great buy.' Another customer wrote, 'Easy to use. I always keep it charged and ready. Lightweight and easy to handle! Love it.' With two speed settings and a rotational speed of 1300RPM, the drill offers precise adjustments and torque to better aid you in your projects. It includes a 1.5AH lithium-ion battery that takes about two hours to fully charge. The drill itself weighs a little over 2 pounds and features an LED light for when you need to use it in dark areas. Other reviewers describe the drill set as 'amazing,' 'excellent,' 'very handy,' and 'works just as good as a DeWalt.' There is no reason why you shouldn't add this $28 drill set to your cart. It's an inexpensive and easy way to add even more tools to your collection. About the Author Victoria Garcia View Profile
