Next fall will see the launch of the benefits and services that OnePay, Synchrony and Walmart are working on in the United States. The synergy of these three companies will result in a new credit card through which customers will be able to receive a range of financial benefits. OnePay will add these credit cards to its list of services to help customers with their spending, saving and shopping. The use of these new cards and financial services could bring a number of rewards to the consumer, such as choosing when and where to start paying for a financed purchase at Walmart.
What is OnePay?
It is an app developed by Transbank that acts as a digital wallet. What does this mean? That you can make payments with your debit or credit cards securely through your mobile phone. You only need to enter your card details once, and they will be registered in a completely safe way to use whenever needed. It’s like carrying all your cards on the move, without having to physically carry them. It is fully compatible with all cards and virtually all banks are attached to it.
What is Synchrony?
Based in Connecticut, USA, was founded in 1932. Synchrony Financial is a company that offers financial services such as branded credit cards and financing programs. They also work online, offering long-term savings accounts or deposits.
What is Walmart?
There is no American on Earth who does not know what Walmart is. Founded in 1962, it is one of the most (if not the most), known department store chain. With more than 10,600 stores in 28 countries around the world, it is known for its bargains and low prices, which are extremely attractive for consumers. It has a wide catalog that includes any type of product you can imagine. From food, drink, clothing, furniture, appliances, beauty products, toys, sporting goods and much more. Although their prices are low, some people need help to make some type of purchase, and it is here that the union of these 3 companies comes into play.
Relationship between OnePay, Synchrony and Walmart
What is the aim of this synergy? The partnership between OnePay and Synchrony will result in a credit card that could be used anywhere Mastercard is accepted. On the other hand, they will also launch a white label card that can only be used exclusively for purchases at Walmart. This card will be incorporated into the OnePay application, so that the customer can use it in an easy and intuitive way. In addition, you will have access to the entire range of financial products available in the OnePay app.
The presidents of both companies have publicly expressed their pride in the joint project. Walmart’s executive vice president said “Today’s announcement represents one more way to serve our customers as they want to be served, providing them with an enhanced digital financial services experience with even more choice and value”. On the other hand, Synchrony CEO Brian Doubles said “We are proud to have been selected by OnePay to advance our mission of helping people live better and build a healthier financial future with Walmart”.
The three companies expect to benefit from this synergy. They also expect it to provide a boost for the loyalty of existing customers, and serve as an attraction to attract new ones. According to the companies, their main objective is to encourage loyalty, increase the money of their customers, their own profits, and help people save, borrow and above all spend.