Walmart reportedly weighing Capital One, Synchrony credit card bids


Patrick T. Fallon | Bloomberg | Getty Images

Cashiers ring up customers at registers inside a Wal-Mart Stores location in Burbank, California.

Walmart has narrowed the competition for its credit card business to bids from two lenders, Capital One and its current card partner Synchrony Financial, according to a report by Bloomberg on Thursday.

The retail giant wants its credit card partner to support its aspirations for Walmart Pay, with a substantial part of that being an expansion in its offering of mobile payments, the report said.

Shares of Synchrony fell nearly 3 percent in trading following the report, while Capital One stock rose slightly.

Walmart represents over 10 percent of the interest and fees Synchrony earned on loans last year, Bloomberg said.

Read the full Bloomberg report here.

Source link

Products You May Like

Articles You May Like

US billionaire Shahid Khan to buy Wembley Stadium — FT
Under Armour to cut 3 percent of workforce 
Meet the banks that are leading the deal market for pot stocks
Don’t expect FANG stocks to keep carrying the rally: Larry Glazer 
GE shares drop to 9-year low

Leave a Reply

Your email address will not be published. Required fields are marked *