US EditionWalmart is using its own fintech firm to provide credit cards after dumping Capital One
- Walmart launched new credit cards with its fintech startup OnePay on June 9, 2024, partnering with Synchrony in the United States.
- This launch follows Walmart's 2023 lawsuit seeking to end its exclusive credit card deal with Capital One, which had lasted since 2018.
- OnePay offers a general-purpose Mastercard usable everywhere and a Walmart-only store card targeting customers with lower credit profiles.
- OnePay CEO Omer Ismail stated that their aim with this credit card initiative is to provide customers with a straightforward, valuable, and user-friendly experience.
- The switch is designed to update Walmart’s credit services and establish a fintech platform capable of supporting millions of customers, with the retailer having had approximately $8.5 billion in loans on the books the previous year.
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NBC Chicago+5 Reposted by 5 other sources
Walmart is using its own fintech firm to provide credit cards after dumping Capital One
Walmart had leaned on Capital One as exclusive provider of its credit card since 2018, but sued the bank in 2023 so that it could exit the relationship.
·Chicago, United States
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Daily Voice
Daily VoiceWalmart Creates New Credit Cards Through Its Own Financial Firm: What To Know
·United States
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