New Walmart credit cards will flow through the fintech firm OnePay, which has lined up former Walmart card issuer Synchrony Financial and Mastercard to help.
Walmart owns a majority stake in OnePay, which also has backing from Ribbit Capital. Meanwhile, Synchrony will return as an issue for Walmart cards, which it handled before losing the contract in 2018.
Walmart is No. 2 in the Top 2000. The database is Digital Commerce 360’s ranking of North America’s online retailers by annual web sales. The retailer is also No. 9 in the Global Online Marketplaces Database. That database contains Digital Commerce 360’s ranking of top online marketplaces by third-party gross merchandise value (GMV). Digital Commerce 360 projects Walmart’s online sales will reach $153.88 billion in 2025.
Walmart credit cards coming to OnePay in 2025
Walmart, Synchrony, Mastercard and OnePay announced the new package of credit card offerings on June 9. One credit card will be a general-use Walmart-branded Mastercard that can be used anywhere. In addition, another option will be rolled out as a Walmart store credit card.
“Our goal with this credit card program is to deliver an experience for consumers that’s transparent, rewarding, and easy to use,” said Omer Ismail, chief executive officer at OnePay. “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.”
Walmart, Synchrony and Mastercard all touted the new arrangement. John David Rainey, executive vice president and chief financial officer at Walmart, called it one way in which the retailer is seeking to provide an “upgraded digital financial services experience.”
Importance of data for Walmart
Beyond customer experience, data may be an important component of the new cards as well, according to Prem Rajesh, vice president and financial services lead for cards, processors and networks at the analytics provider Blend360.
“This isn’t a simple partnership; it’s the culmination of a deliberate plan to in-source the management of its most valuable asset: the customer’s financial relationship,” Rajesh said.
He added that Walmart is creating its own fintech offering with OnePay. In doing so, the retailer has made it the digital front door for a massive $8.5 billion loan portfolio, Rajesh assessed. Moreover, the retailer is seizing control of the user experience.
“And, more importantly, the invaluable spending data that comes with it,” Rajesh noted.
Nevertheless, this has been part of an ongoing effort for Walmart over time.
“Clearly, Walmart’s endgame was never just finding a new bank; it was total ownership of the customer relationship,” Rajesh stated. He observed that OnePay’s model is to own the lucrative customer interface while letting specialized partners handle the regulated, capital-intensive heavy lifting.
The value of OnePay to Walmart
“Synchrony takes on the underwriting risk, and Klarna manages installment loans, while Walmart’s OnePay reaps the strategic rewards: deep app engagement, unshakable brand loyalty, and a 360-degree view of its customers’ wallets,” Rajesh said.
Rajesh called the approach a low-risk, high-reward strategy to build a financial services empire at warp speed without needing a banking charter.
Rajesh said that while lending to a budget-conscious base carries inherent risk, Walmart is mitigating it with surgical precision. The confirmed two-tier card offering — a general-purpose Mastercard for prime customers and a store-only card for others — creates a financial on-ramp, ensuring maximum inclusion while capping exposure.
At the same time, Rajesh sees the approach fulfilling OnePay’s mission to become the essential “one-stop shop” for underserved American customers, cementing Walmart at the center of their daily financial lives.
Rajesh believes other retailers will follow the same strategy.
“This move redraws the competitive battle lines, shifting the fight from store aisles to the customer’s digital wallet,” Rajesh said.
The new cards will fuel expanding financial services offerings for the retailer in 2025. Last month, the retailer launched its Bridge Marketplace, where eligible small suppliers can access lines of credit, purchase order financing, and invoice acceleration programs from banks, including JPMorgan, Citibank and Wells Fargo.
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