Walmart considers Capital One’s offer, Synchrony for its credit card business
- Walmart weighed an offer from Capital One for its credit card partner, Bloomberg reported Thursday.
- Synchrony, the retail giant’s credit card partner, also submitted a bid, the report said.
- Most of Walmart’s criteria for the deal are an extension of retailer’s mobile payment offer, the report said.
Walmart has narrowed competition for its credit card business to offer two creditors, Capital One and current card partner Synchrony Financial, according to a report by Bloomberg on Thursday.
The retail giant wants its credit card partners to support its aspirations for Walmart Pay, with a substantial share of it being an expansion in mobile payment offerings, the report said.
Synchrony shares fell nearly 3 percent in trading following the report, while Capital One shares rose slightly.
Walmart represented more than 10 percent of interest and the cost of Synchrony obtained a loan last year, Bloomberg said.