When you think Walmart cannot surprise us more, they do it again! This time, the brand is showing us their latest invention: the OnePay credit card, fresh out of the oven! And it promises to shake up the U.S. financial market by combining Walmart’s retail power, OnePay’s banking technology, and Mastercard’s global network. A tremendous combo, like Brazil in the 70s!
But, be careful, let’s not get our hopes too high just yet. There’s no launch date so far, although it’s expected this fall. It will be available to Walmart’s millions of customers across the country.
Walmart and the new alliance
Think about it for a while, this can be a revolution for all of us! This change (or agreement, as you prefer) is more than what we can think about (maybe somebody thinks that it is only issuing new plastic cards, not my dear!!).
This change wants to create a whole new financial service system inside the world’s largest supermarket chain! But, let’s be honest.. There are many doubts about this “creation”, don’t you think?
What think experts?
First, the opinion of Omer Ismail (CEO of One Pay) has clarify that the main idea is to get an unique platform where users can pay and save (and borrow for those who need it)
And it sounds quite good, but, Linda Kirkpatrick, president of Mastercard for the Americas, has stressed the importance of having a plan against fraud protection, which is also a logic thinking
This new financial system
OnePay already offers debit accounts with cashback, high-yield savings, P2P transfers, and installment loans. The arrival of the OnePay credit card adds one more thing: the ability to finance purchases and receive rewards without leaving the app and instantly. Walmart, for its part, wants the card to integrate with Walmart Pay, the brand’s shopping app, so that through the membership program, personalized offers and exclusive promotions can be generated for these customers!
And the security?
OnePay’s platform bases its security on encrypted tokens and biometric authentication. The digital onboarding will be immediate, and the credit approval will combine traditional histories with shopping behavior analysis.
For consumers, this means they’ll be able to apply for the card from their phone and start using it within seconds, whether in the physical store, online, or for contactless payments. And don’t worry, your data is encrypted!
And the banking competition?
Well, just imagine… OnePay has put pressure on consumer banks that dominate traditional cards. Let’s remember that this project aims to integrate the whole shopping experience, and not many services can offer that same thing, although surely, like everything in life, if it works properly…
But why?
Imagine having everything just a click away: easier payments, a loyalty program, and full services from cashbacks to loans. Doesn’t that sound like an incredible move? Well, that’s exactly what they’re doing, nothing more, nothing less.
Will there be rewards?
Walmart and OnePay haven’t confirmed anything for now, but many believe they will offer instant cashback through the app, exclusive offers on essential goods, and early access so customers can save as much as possible.
Are there regulatory challenges?
Of course, they have to comply with the Credit Card Act, which requires full transparency in fees and rates, and although OnePay promises strict compliance, we’ll have to stay alert for any mistakes or slip-ups…
Another challenge this change brings is that low-income profiles usually don’t use credit cards and prefer to pay in cash… So we’ll have to see how they manage to adapt this sector of the population, which isn’t small, to their new change.
Fall is almost here, and even though we still have the whole summer to get ready, everything is falling into place for the future to arrive now. The “All-in-one” is already here, and with no competition!