OnePay, a New York City-based fintech, is partnering with Synchrony Financial to launch a credit card program for Walmart Inc. The program, which will debut in the fall, will offer a general-purpose Mastercard credit card and a private-label Walmart card.
Walmart expects the deal to provide a better customer experience when accessing financial services, the retailer says. Walmart is an investor in OnePay, along with Ribbit Capital.
Both cards, to be issued by Synchrony Financial, will be embedded in the OnePay app, which will also provide cardholders access to OnePay’s financial-services products, such as high-yield savings accounts, installment loans, and programs to help consumers build their credit history. The card program is focused on loyalty over the long term, the two companies say.