Walmart is aggressively expanding its financial services, directly challenging traditional banks and emerging FinTech companies. As fierce competitors for consumer loyalty, Walmart and Amazon consistently vie for market share. Walmart’s significant consumer base, including over 30% of consumers holding a Walmart+ account and 1.6 million U.S. employees, provides a robust foundation for its financial ecosystem.
The retailer’s FinTech initiatives, now four years in motion, gain momentum through its partnership with OnePay. Walmart has steadily announced plans to deliver traditional financial products digitally. Consumers already engage with Walmart’s money services, including check cashing and remittances at Walmart Money Centers. Last year, Walmart concluded its co-branded credit card agreement with Capital One, which held $8.5 billion in loans.
On Monday, June 9, OnePay announced a strategic partnership with Synchrony to introduce a new credit card program. This fall, the OnePay app will serve as a central digital gateway, rolling out both general-purpose and private-label cards for Walmart purchases. Synchrony brings extensive experience in private-label card programs to this collaboration.
OnePay’s digital wallet unifies online and in-store financial interactions, allowing consumers to add debit and credit cards and redeem rewards. Mobile wallets have become integral to transactions, accounting for 35% of online and 21% of in-store purchases, while most consumers also use digital banking apps. Earlier this year, OnePay and Walmart partnered with buy now, pay later (BNPL) firm Klarna to offer installment loans at Walmart, tapping into the widely adopted BNPL payment method, which has reached an estimated $175 billion in transactions.
Walmart continues to attract higher-income shoppers, with CEO Doug McMillon noting that households earning over $100,000 now contribute to 75% of Walmart’s U.S. market share gains. Karen Webster, CEO of PYMNTS, emphasized in January 2025 that FinTechs and digital-only players face increasing competition. She stated that OnePay, through its connection with Walmart’s brands, can disrupt the economic models of pure-play FinTechs. Webster highlighted Walmart’s unmatched scale, customer base, supplier relationships, and ability to link purchases with offers and financing, positioning OnePay as a potentially disruptive and winning entity in the financial landscape.
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News Source: Pymnts.com
