Walmart has announced a new partnership with Mastercard to provide credit cards to customers in the US.

The credit cards will be powered by Mastercard and are set to launch this autumn.

OnePay, a consumer FinTech company backed by Walmart, and financial services firm Syncrony will work with Walmart on the programme.

The companies will launch both a general-purpose card which can be used anywhere Mastercard is accepted and a private label card which can only be used for purchases made at Walmart.

The credit card functionality will be embedded inside the OnePay app, which the company said will offer Walmart customers an intuitive digital experience and access to its suite of financial services products.

These include cashback debit, high-yield savings, instalment loans, a digital wallet, and domestic and international peer-to-peer payments.

Following the initial launch Walmart said the scheme will increase loyalty and sales, benefiting the company’s long-term financial performance.

“Walmart is always seeking innovative ways to help customers save money and live better,” said John David Rainey, executive vice president and chief financial officer, Walmart Inc. “Today’s announcement represents one more way we’re serving our customers the way they want to be served, providing an upgraded digital financial services experience with even greater choice and value.”

---