Walmart OnePay credit cards are officially launching this fall through a strategic partnership with Synchrony Bank, marking a significant shift in the retail giant’s financial services strategy. The new Walmart OnePay credit cards program will serve millions of customers while replacing the previous Capital One partnership that ended in controversy.
The Walmart OnePay credit cards announcement Monday confirmed that Synchrony, a major retail credit card issuer, will handle card issuance and underwriting decisions beginning fall 2025. This partnership represents a crucial step in OnePay’s evolution from startup to major financial services provider.
OnePay, Walmart’s majority-owned fintech startup created in 2021 with Ribbit Capital, will manage the customer experience for the Walmart OnePay credit cards through its mobile application. This division of responsibilities allows OnePay to focus on user experience while leveraging Synchrony’s established banking infrastructure.
The Walmart OnePay credit cards partnership demonstrates how fintech companies increasingly collaborate with traditional financial institutions to scale rapidly rather than building everything from scratch.
The Walmart OnePay credit cards program will offer customers two distinct options designed to serve different credit profiles and shopping preferences. The general-purpose Walmart OnePay credit cards option will function anywhere Mastercard is accepted, providing maximum flexibility for cardholders.
Additionally, the Walmart OnePay credit cards lineup includes a store-only card exclusively for Walmart purchases. Customers whose credit profiles don’t qualify for the general-purpose card will be offered this store-specific option, ensuring broader accessibility across different credit tiers.
This dual-card approach for Walmart OnePay credit cards follows industry best practices by providing options for customers with varying creditworthiness while maximizing program participation rates.
The Walmart OnePay credit cards launch directly replaces Walmart’s previous exclusive partnership with Capital One, which ended amid legal disputes in 2023. Walmart sued Capital One to exit their relationship years ahead of schedule, with Capital One claiming Walmart wanted to move transactions to OnePay.
The previous Walmart card program served 10 million customers with approximately $8.5 billion in outstanding loans when the Capital One partnership ended, according to Fitch Ratings. The Walmart OnePay credit cards program will now serve this substantial customer base through the new Synchrony partnership.
This transition to Walmart OnePay credit cards represents Walmart’s determination to control more of its financial services ecosystem while maintaining partnerships with established banking providers for regulatory compliance and infrastructure support.
The Walmart OnePay credit cards partnership with Synchrony reflects OnePay’s broader strategy of collaborating with established financial services providers rather than building capabilities independently. This approach has enabled rapid scaling across multiple product categories.
In March 2024, OnePay announced a partnership with Swedish fintech Klarna for buy-now-pay-later services, even after testing its own installment loan program. The Walmart OnePay credit cards Synchrony partnership follows this same collaborative model for sustainable growth.
OnePay CEO Omer Ismail emphasized that the Walmart OnePay credit cards program aims to “deliver an experience for consumers that’s transparent, rewarding, and easy to use.” This customer-centric approach distinguishes the new program from traditional retail credit offerings.
The Walmart OnePay credit cards launch supports OnePay’s mission to become a comprehensive financial services provider for Americans underserved by traditional banks. OnePay has systematically expanded its offerings to include debit cards, high-yield savings accounts, digital wallets, and peer-to-peer payments.
The Walmart OnePay credit cards program represents another step toward creating a complete financial ecosystem that serves customers across different income levels and credit profiles. The store card option ensures that customers with limited credit history can still access Walmart OnePay credit cards benefits.
This inclusive approach to Walmart OnePay credit cards aligns with Walmart’s broader strategy of serving diverse customer demographics while building long-term financial relationships.
Synchrony’s involvement in Walmart OnePay credit cards brings extensive retail credit expertise to the partnership. As a major behind-the-scenes player in retail cards, Synchrony manages credit programs for numerous major retailers and understands the unique challenges of retail-focused credit products.
The Walmart OnePay credit cards partnership allows Synchrony to expand its retail portfolio while providing OnePay with proven underwriting capabilities and regulatory compliance infrastructure. This collaboration reduces risk for both parties while accelerating program deployment.
Synchrony’s experience with retail credit cycles and customer behavior patterns will be crucial for Walmart OnePay credit cards success, particularly during economic uncertainties that affect consumer spending patterns.
While specific rewards details for Walmart OnePay credit cards haven’t been disclosed, the program will likely focus on Walmart-specific benefits that encourage customer loyalty and increased spending. Traditional retail credit programs offer enhanced rewards for store purchases along with competitive rates for general spending.
The Walmart OnePay credit cards rewards structure will need to compete with established retail credit programs while leveraging OnePay’s digital-first approach to customer engagement. Integration with OnePay’s mobile app should provide unique benefits unavailable through traditional credit card programs.
OnePay’s emphasis on transparency suggests that Walmart OnePay credit cards will feature straightforward rewards structures without complex redemption requirements or hidden fees that frustrate customers.
The Walmart OnePay credit cards program will integrate seamlessly with OnePay’s existing mobile application, providing customers with comprehensive financial management tools. This digital-first approach distinguishes the program from traditional retail credit offerings that rely primarily on web-based account management.
OnePay’s mobile app will handle customer service, account management, and rewards tracking for Walmart OnePay credit cards, creating a unified financial services experience. This integration supports OnePay’s goal of becoming customers’ primary financial services provider.
The Walmart OnePay credit cards mobile experience will likely include features like spending analytics, budget tracking, and personalized offers that leverage Walmart’s extensive customer data and shopping insights.
The Walmart OnePay credit cards launch represents a significant development in retail financial services, potentially influencing how other major retailers approach credit card partnerships. Walmart’s size and customer base make this program a closely watched test case for fintech-bank collaborations.
Success of Walmart OnePay credit cards could encourage other retailers to develop similar fintech partnerships rather than relying exclusively on traditional banking relationships. This trend could accelerate innovation in retail credit while increasing competition among financial services providers.
The Walmart OnePay credit cards program also demonstrates how established retailers can leverage fintech capabilities to improve customer experience while maintaining necessary banking partnerships for regulatory compliance and risk management.
The Walmart OnePay credit cards program will begin rolling out this fall, with Synchrony handling underwriting and card issuance while OnePay manages customer experience through its mobile platform. This timeline allows sufficient preparation for both partners while meeting Walmart’s goal of replacing the Capital One program.
Customer migration to Walmart OnePay credit cards will likely occur gradually, with existing Walmart credit customers receiving information about transitioning to the new program. OnePay will need to ensure smooth transitions to maintain customer satisfaction and program participation.
The success of Walmart OnePay credit cards will be measured by customer adoption rates, spending levels, and integration with OnePay’s broader financial services ecosystem. Strong performance could accelerate OnePay’s expansion into additional financial products and services.
The Walmart OnePay credit cards launch establishes OnePay as a serious competitor in retail financial services while demonstrating the viability of fintech-bank partnerships for complex products like credit cards. This success could lead to expanded partnerships and additional product offerings.
OnePay’s collaborative approach with Walmart OnePay credit cards may influence other fintech companies to pursue similar banking partnerships rather than attempting to build all capabilities independently. This trend could reshape fintech development strategies across the industry.
The Walmart OnePay credit cards program ultimately represents Walmart’s commitment to controlling more of its customer financial relationships while providing comprehensive services that extend far beyond traditional retail transactions.
