Walmart Launches OnePay To Reshape Financial Services For Shoppers

Credit cards, we love them, and we hate them. Of course, we love them because they provide easy access to spending cash that we don't normally have available to us in our pockets. We hate them because the credit card company wants to get paid back. 

Since 2018, Walmart has been using Capital One as its primary credit card provider. But that's all changed in the last year or two.  

In 2021 Walmart decided to create their own credit card company, OnePay. Since then, Walmart has racked up about 10 million customers with about $8.2 billion In loans outstanding last year. No wonder Walmart wanted to get into the credit card business. 

According to msn.com,
‘In its quest to become a one-stop shop for Americans underserved by traditional banks, OnePay has methodically built out its offerings, which now include debit cards, high-yield savings accounts and a digital wallet with peer-to-peer payments.’ 

So, OnePay is going to be offering two different credit cards to Walmart customers. The first Is your average regular credit card that can be used at any location where MasterCard is accepted.  

The second card is for Walmart customers who don't necessarily have the credit rating to get a general-purpose credit card, and it can only be used for purchases at Walmart. 

To quote a Mel Brooks movie, “it's good to be the King.”  

When I was young, my parents warned me about the use of credit cards, and I didn't listen to them. It's taken me decades to get to the point where I pay off my credit card balance at the end of each month.  

If you don't like carrying cash, credit cards can be helpful and, in a pinch, can get you out of a bind, but they can also bury you in death. But that's just my opinion.
Walmart is using its own fintech firm to provide credit cards after dumping Capital One
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Capital One and Walmart ending card partnership is ratings neutral