A major new credit card partnership is taking shape in the retail and fintech space, as Walmart teams up with consumer fintech OnePay and financial services giant Synchrony to launch an innovative credit card program expected to debut in fall 2025.
The Partnership Details
The strategic alliance brings together several key players in the financial services ecosystem. OnePay, a fintech company jointly backed by Walmart and investment firm Ribbit Capital (formerly known as One), will partner exclusively with Synchrony to deliver the new credit card program. The initiative will be powered by Mastercard's global payments network, ensuring broad acceptance and reliability.
What sets this program apart is its digital-first approach. Rather than operating as a traditional standalone credit card, the functionality will be embedded directly within the OnePay mobile application. This integration represents a growing trend toward comprehensive financial super-apps that consolidate multiple services under one digital roof.
Dual Card Strategy
The partnership will offer consumers two distinct card options to meet different spending needs:
General-Purpose Card: This will serve as the program's flagship offering, functioning anywhere Mastercard is accepted. This card positions itself to compete with traditional rewards credit cards while leveraging Walmart's massive customer base and OnePay's digital infrastructure.
Private Label Card: Designed exclusively for Walmart purchases, this option will likely offer enhanced rewards and benefits for the retailer's loyal customers, encouraging increased spending within the Walmart ecosystem.
Strategic Implications
For Walmart, this partnership represents another step in its ongoing digital transformation and financial services expansion. "Walmart is always seeking innovative ways to help customers save money and live better," said John David Rainey, Walmart's executive VP and CFO. "This announcement represents one more way we're serving our customers the way they want to be served, providing an upgraded digital financial services experience with even greater choice and value."
The move aligns with Walmart's broader strategy to compete more effectively with Amazon and other digital-native retailers by offering comprehensive customer experiences that extend beyond traditional retail.
OnePay's Growing Financial Ecosystem
OnePay already operates a diverse suite of financial products, including cashback debit cards, savings accounts, installment loans, digital wallet functionality, and both domestic and international peer-to-peer payments. Adding credit cards to this portfolio creates a more complete financial services offering that could increase customer engagement and retention.
"Our goal with this credit card program is to deliver an experience for consumers that's transparent, rewarding, and easy to use," explained Omer Ismail, OnePay's CEO. The emphasis on transparency suggests the program may feature simplified terms and clear reward structures, addressing common consumer complaints about traditional credit card complexity.
Synchrony's Retail Expertise
Synchrony brings significant experience in retail credit card partnerships, managing programs for numerous major retailers. The company's selection for this partnership underscores the scale and ambition of the initiative. "We are proud to be selected by OnePay to further our mission of helping people live better and build healthier financial futures with Walmart," said Brian Doubles, Synchrony's president and CEO.
Market Context and Competition
This partnership enters a highly competitive credit card market where traditional banks face increasing pressure from fintech innovators. The embedded finance approach—integrating credit functionality directly into retail and fintech apps—represents a significant shift from traditional credit card acquisition and usage patterns.
The timing is particularly notable as consumers increasingly seek integrated digital financial experiences. By launching within an existing app ecosystem rather than as a standalone product, the program could benefit from higher engagement rates and more seamless user experiences.
Financial Outlook
Walmart expects the program to drive customer loyalty and sales while generating risk-adjusted returns that will be accretive to the company's long-term financial performance. The fall 2025 launch timeline suggests the partners are taking a measured approach to development and regulatory approval, prioritizing a robust launch over speed to market.
Looking Ahead
This partnership signals broader trends in retail financial services, where traditional boundaries between retailers, fintechs, and financial institutions continue to blur. The success of this program could influence how other major retailers approach credit card partnerships and financial services integration.
The fall 2025 launch will be closely watched by industry observers as a test case for embedded finance in the retail sector, potentially setting new standards for how credit cards are integrated into comprehensive digital financial experiences.
As the program develops toward launch, consumers can expect additional details about reward structures, terms, and the specific features that will differentiate this offering in an increasingly crowded credit card marketplace.