Walmart Bets on Itself as a Fintech Powerhouse

By replacing Capital One with its own platform, One, Walmart signals it’s not just retail’s king—it wants to own your wallet too.

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Walmart, the country’s largest retailer, is once again shaking up the financial services world. After years of issuing store credit cards through Capital One, the Bentonville-based giant has pulled the plug and is launching its own branded credit cards via One—a fintech company it co-founded—partnering with Synchrony Bank to handle the actual issuing.

As reported by CNBC, this shift means Walmart will now have tighter control over both the product and the customer data, doubling down on its ambitions in financial technology.

Walmart’s financial arm, One, was created in 2022 after the company acquired two fintech startups, Even and One Finance, combining them under a single platform aimed at transforming how working-class Americans bank, budget, and get paid.

Now, that platform is being tapped to issue credit cards directly, with Synchrony (ironically, Walmart’s previous credit partner before Capital One) back in the picture.

This decision doesn’t just represent a shuffle in partners—it’s a declaration that Walmart wants a direct seat at the consumer finance table.

According to the Federal Reserve, over 175 million Americans have at least one credit card.

Walmart, which serves more than 240 million customers a week, is clearly positioning itself to capture more of that lucrative traffic—and the accompanying data.

Why is that data so important? In the words of financial analyst Richard Crone, “Payments are the richest trove of consumer data in retail.” When a retailer processes payments, it doesn’t just make money on fees—it learns what you buy, when, and how often. That information can power everything from personalized marketing to product planning.

The breakup with Capital One wasn’t exactly friendly. Walmart sued Capital One in 2023 to end the partnership early, alleging poor customer service and card processing delays. Capital One sued back. The legal wrangling ended earlier this year with a negotiated split.

Now, One will issue credit cards through Synchrony, which already has infrastructure in place for store cards, having partnered with Amazon, Lowe’s, and other major retailers. Synchrony gains a major partner; Walmart gains data, control, and possibly higher margins.

This move also signals broader retail ambitions in financial services. Other big-box brands have tried and failed to enter banking (remember Target’s REDcard banking plans?), but Walmart seems determined to make it stick. One already offers direct deposit, budgeting tools, and even earned wage access, targeting Americans who are underbanked—a group that includes many Walmart shoppers and employees.

Financial services are no longer a side hustle for Walmart. With the launch of One-issued credit cards, the company isn’t just selling groceries and laundry detergent—it’s competing with Chase, Citi, and even Apple for a slice of your financial life.

Timeline of Walmart’s Credit Card Partners

Year	Credit Card Partner	Key Details
1999	GE Capital (later Synchrony)	First co-branded Walmart card launched
2019	Capital One	Signed as exclusive issuer of Walmart-branded credit cards
2024	Lawsuit	Walmart sued to exit deal with Capital One early
2025	One (with Synchrony)	Walmart to issue credit cards via its own fintech platform

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