Walmart Launches New Credit Cards Through OnePay After Parting Ways with Capital One

Walmart is rolling out a new credit card program through its majority-owned fintech arm, OnePay, following the end of its partnership with Capital One.

Announced Monday, OnePay will offer two credit cards—a general-purpose Mastercard and a Walmart-only store card—through a new partnership with Synchrony, which will handle issuing and underwriting. The cards are expected to launch this fall.

OnePay, created by Walmart and venture firm Ribbit Capital in 2021, will oversee the customer experience entirely via its mobile app, signaling the retailer’s push into digital finance. The move comes after Walmart’s legal battle with Capital One in 2023, which allowed the retailer to exit their credit card agreement early.

The previous Capital One–Walmart program held 10 million customers and $8.5 billion in loans, according to Fitch Ratings. With this new partnership, Walmart is opting to collaborate with established financial players rather than build the infrastructure alone.

“Our goal with this credit card program is to deliver an experience that’s transparent, rewarding, and easy to use,” said OnePay CEO Omer Ismail.

The credit card launch complements OnePay’s broader offerings, including debit cards, high-yield savings accounts, and a digital wallet. The company is also partnering with Klarna for buy-now, pay-later services.

The new cards will cater to a wide customer base: those with stronger credit will receive the general-purpose card, while others will be eligible for the Walmart-only version.