Keefe Bruyette says OnePay, a consumer fintech backed by Walmart (WMT) and Ribbit Capital, is partnering with Synchrony (SYF) for Walmart’s general purpose and private label credit cards. The credit card program is expected to launch this fall with the experience embedded inside the OnePay app, Synchrony as the issuer, and powered by MasterCard’s (MA) global payments network, the analyst tells investors in a research note. Keefe believes the Walmart relationship win should aid Synchrony’s loan growth. The firm keeps an Outperform rating on the shares with an $82 price target.
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