Walmart is using its own fintech firm to provide credit cards after dumping Capital One
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
Reuters
8 minutes ago
- Reuters
Amazon expands same-day grocery delivery to perishable foods to compete with Instacart, Walmart
NEW YORK, Aug 13 (Reuters) - Subscribers to (AMZN.O), opens new tab Prime service can now receive strawberries, milk, meats and frozen dinners on the same day they order them as the company expands its fast-delivery option to perishable food items, Amazon announced on Wednesday. It is the latest move by Amazon to compete with grocery delivery services offered by Walmart+ (WMT.N), opens new tab and Instacart. Shoppers in more than 1,000 U.S. cities - including Phoenix; Raleigh, North Carolina; and Tampa, Florida - can get ice cream delivered to their doors within hours, while Amazon plans to expand the service to 2,300 cities by the end of the year. The company announced in June that it is investing $4 billion to bring same-day and next-day delivery services to more than 4,000 rural U.S. communities by the end of the year. Previously, Prime subscribers' grocery orders were fulfilled through Amazon Fresh or Whole Foods. Now the additional service will complete orders through its same-day delivery logistics locations. Same-day delivery is free for Prime members, who pay $14.99 monthly or $149 annually, for orders over $25. Walmart's membership service, Walmart+, costs $98 a year and offers same-day delivery in under three hours—with some orders arriving in as little as 30 minutes. As the largest grocery retailer in the United States, most of Walmart's deliveries tend to be dry groceries and perishables. In May, Walmart said it will soon be able to offer delivery within three hours to 95% of the U.S. population, and that faster delivery speeds are helping drive its business. Between February and April, Walmart reported a 91% increase in deliveries under three hours compared with the same period last year. Amazon shoppers "can order milk alongside electronics; oranges, apples, and potatoes with a mystery novel; and frozen pizza at the same time as tools for their next home improvement project - and check out with one cart and have everything delivered to their doorstep within hours," Doug Herrington, chief executive of Worldwide Amazon Stores, said in a press release. E-commerce giant Amazon has struggled in previous years to get shoppers into its physical stores. While the company is focusing on its U.S. grocery experience, it is facing hurdles in the UK with its suppliers, a study by British grocery regulator the Groceries Code Adjudicator found.
Daily Mail
8 hours ago
- Daily Mail
Walmart shoppers confused by hostile new sign from store's manager: 'Biggest red flag'
Shoppers are unsure what to make of a sign urging Walmart workers to speak with a manager before quitting their jobs. A Kansas-based employee shared the sign in a Reddit post — telling his co-workers to 'Stop! Don't Leave!' their jobs. Potentially posted by the store manager, the sign reads that the location believes in a 'no-quit philosophy', but shoppers who saw the sign said it would make them want to leave if they were employed by Walmart. 'I think this beats out the "we are a family here" as biggest red flag,' a shopper wrote on the Reddit post. 'If I was a new hire and saw that I would immediately be looking for a new job,' a shopper responded. 'This is giving "toxic abusive narcissistic partner refuses to accept the fact that you are breaking up with them,"' another person commented. Walmart has been the target of fierce backlash for decisions that affect customers — including the addition of new AI technology and the increasing usage of electronic shelf labels. Company employees have called out the chain for its avalanche of price hikes resulting from tariffs — but they're also speaking up about what they claim are their negative work environments. 'I once had a coach who told my department during a huddle that everyone was replaceable. I think in their mind they were trying to be motivating. 'But that had the opposite effect on me,' an employee admitted on Reddit. 'I do my job to the best of my ability everyday and still get yelled at because metrics are terrible. They are more concerned about metrics than listening to their associates on the floor.' 'My store manager was the specific reason that I left. The guy straight up told me he had me passed up on a promotion because of his personal opinion of me. This is hilarious at best,' a worker added. 'I was begged to not quit on the spot once too. I walked tf out anyway. QUIT! Or better yet, unionize!,' another commenter responded. Others claimed they left Walmart on good terms — believing their decision to quit was 'one of the best' of their lives. 'Walmart is a great way to work during HS/College, retiring, or a second job, temporarily, but for it to be your career the chances of getting somewhere are very slim,' a former employee claimed. Others said, however, that managers 'didn't try and stop them' from walking out, and a few ex-employees revealed their managers helped them rewrite their resumes. Reddit users slammed the retailer for the sign Besides issues with rising costs and technology changes, consumers have also not been able to stay silent on store upgrades — including the placement of 'ridiculous' products in plexiglass cases. The changes came after the retailer became a prime target for shoplifters. Despite this, the company has worked to make sure it maintains customer satisfaction, doing things like revamping 650 locations and entering a partnership with Medicare Advantage. Walmart's actions have helped the company's revenue continue to exceed expectations — but after the company axed about 1,500 US jobs, some employees have been fearful of the future.
Daily Mail
18 hours ago
- Daily Mail
Students can't believe this $200 Android 13 Tablet is now just $79 at Walmart — and it comes with a stylus
Daily Mail journalists select and curate the products that feature on our site. If you make a purchase via links on this page we will earn commission - learn more Attention all back-to-schoolers! We know the classroom countdown is on, and with it comes stocking up on all the essentials from binders to backpacks. Whether you are headed back to high school or headed off to college, we found an insane tech deal at Walmart that seems too good to pass up. Android 13 Tablet Campus is calling and it wants you to pack this insanely on sale tablet! Designed with a 2.0 GHz octa-core processor, this Android tablet and stylus combo is perfect for taking notes, streaming shows, or even taking meetings. This top-rated tech has a trio camera and a shocking charge hold that gets you six consistent hours of screen time between charges. Right now at Walmart, the rare find is a wild 71 percent off! $79.69 (was $200) Shop Right now, at Walmart, you can snag an 11-inch Android 13 Tablet for just $79.69 — a shocking 71 percent off. The handy tech is designed for going back to school, featuring a compact design and an endless list of use cases. These days, heading back to school means making sure your tech is up to speed, and Android gets that, which is why its best-selling tablet is such a steal. For college students especially, the Android 13 Tablet comes in clutch with its undeniably stacked offerings, such as long battery life and generous screen size. Designed with top-notch resolution, this pint-sized tablet takes studying to a new level on campus. You can stream movies, catch up on reading, video chat with mom, or play games all from the same device. Nowadays, everything is online, and with the Android 13 tablet, you will have seamless access 24/7. Shoppers have been shocked by the value of this tablet too, with one saying: 'An excellent tablet includes a screen saver and a protective cover for the tablet, and also includes a pencil!' Aside from getting just a new tech sidekick, when you shop this deal at Walmart, you get an included stylus. The digital pencil is perfect for assisting in note-taking and makes study sessions a breeze. Plus, with the generous 6-hour charge hold, you can tackle a full class schedule without carrying around a pesky cord. If you have been looking for an affordable piece of tech for the school year, believe us, the 11-inch Android 13 Tablet is as good as it gets for the price. Dual cameras, 3-layer screen protector, accessible USB-C charger — what more is there to love!
