Synchrony to issue exclusive Walmart OnePay credit cards

NEW YORK and STAMFORD, Conn. - In a move set to reshape the retail credit landscape, OnePay and Synchrony (NYSE: SYF) have entered into a strategic partnership to launch an exclusive credit card program for Walmart (NYSE: WMT). The program, which is slated to begin this fall, will integrate credit card functionality within the OnePay app and utilize Mastercard’s global payments network. Synchrony, currently valued at $22.54 billion, brings strong financial fundamentals to the partnership, with InvestingPro data showing an attractive P/E ratio of 8.04 and a solid dividend yield of 2.03%.

OnePay, supported by Walmart and Ribbit Capital, currently provides a range of financial services, including debit and credit options, savings accounts, loans, and a digital wallet, to millions of customers across the United States. The addition of credit cards to its suite aims to simplify financial management for consumers by consolidating various financial services into a single platform. According to InvestingPro analysis, Synchrony has maintained dividend payments for 10 consecutive years, demonstrating consistent financial stability that could benefit this partnership. Subscribers can access 8 additional ProTips and comprehensive financial metrics for deeper insights.

The partnership will introduce two types of credit cards: a general-purpose card for use wherever Mastercard is accepted and a private label card exclusive to Walmart purchases. Both cards will be integrated into the OnePay app, allowing Walmart’s U.S. customers to manage their finances through a streamlined digital experience.

Omer Ismail, CEO of OnePay, emphasized the program’s commitment to transparency, rewards, and ease of use. Synchrony’s President and CEO, Brian Doubles, expressed pride in the collaboration, which is expected to foster loyalty, sales, and long-term financial growth for the company.

John David Rainey, Walmart’s Executive Vice President and CFO, highlighted the initiative as part of Walmart’s ongoing effort to offer customers greater value and an enhanced digital financial services experience. Linda Kirkpatrick, President of Mastercard Americas, noted the partnership’s potential to deliver a seamless and rewarding experience for customers.

The collaboration between OnePay, Synchrony, and Mastercard represents a significant step in providing consumers with integrated financial products that are simple, secure, and tailored to their shopping habits. The announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties.

In other recent news, Synchrony Financial reported impressive financial results for the first quarter of 2025, surpassing analysts’ expectations with an earnings per share of $1.89, compared to the forecasted $1.67. The company also exceeded revenue forecasts, posting $4.46 billion against an anticipated $3.79 billion. In a strategic move, Synchrony has regained a partnership with Walmart to issue the retailer’s credit cards, marking a significant return after the account transitioned to Capital One in 2018. This new arrangement will see Synchrony issuing a co-branded card usable at various merchants and a private-label card exclusive to Walmart.

Additionally, Synchrony has entered into a sponsorship agreement with Jewelers Mutual to offer integrated financing and insurance services to jewelry retailers. This collaboration aims to enhance customer purchasing experiences by combining Synchrony’s financing solutions with Jewelers Mutual’s insurance coverage options. Meanwhile, a quarterly analysis by Citizens JMP highlighted Synchrony’s resilience amid the competitive Buy Now/Pay Later (BNPL) market, with the firm maintaining a price target of $68 for the company. The analysis noted that Synchrony’s in-house BNPL platform is gaining traction, with 20% of surveyed partners including it as a payment option.

Furthermore, Synchrony has renewed partnerships with major brands like Sun Country Airlines and Ashley Furniture, reinforcing its strategic alliances. The company also announced a new share repurchase authorization of $2.5 billion and increased its regular quarterly dividend by 20% to $0.30 per share, reflecting strong capital management and shareholder returns. These developments underscore Synchrony’s strategic efforts to expand its market presence and enhance its financial performance.

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