OnePay, the Walmart-owned fintech startup, is launching two new credit cards this fall in partnership with Synchrony Bank.
The move comes as Walmart seeks to expand its financial services ecosystem and follow through on its split from former credit card partner Capital One.
Synchrony, a major player in the retail credit space, will issue and underwrite the cards, while OnePay will manage the customer experience through its mobile app.
The two card options include a general-purpose Mastercard and a store-only card that can be used exclusively for Walmart purchases.
Customers with lower credit scores may only qualify for the store card, according to a source familiar with the program.
The launch signals OnePay’s strategy of collaborating with established financial institutions rather than operating independently.
Earlier this year, OnePay also partnered with Klarna to offer buy now, pay later services at Walmart, shelving its own internal pilot for installment payments.
Walmart previously relied on Capital One to issue its credit cards but ended that relationship early following a legal dispute.
At the time of the split, the program had around 10 million customers and $8.5 billion in outstanding loans, according to Fitch Ratings.
Founded by Walmart and venture firm Ribbit Capital in 2021, OnePay has been steadily expanding its product suite to target underbanked Americans.
Its offerings now include debit cards, high-yield savings accounts, and a digital wallet with peer-to-peer payments.
While OnePay has not yet revealed rewards details for its upcoming cards, CEO Omer Ismail said the program is designed to be “transparent, rewarding, and easy to use.”
“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,” he said.
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