Jan. 23, 2019
Synchrony is extending its strategic partnership with Walmart Inc.'s Sam's Club, under which it will manage and service credit card programs at the retailer's almost 600 locations.
Synchrony also reached a deal to sell the Walmart loans portfolio that it services, and expects to transfer the loans by the late third or fourth quarter, according to a press release.
The agreements follow a move by Walmart to drop its $800 million suit against Synchrony, according to Synchrony. Synchrony argued in November that Walmart was using the suit to try to avoid paying fair market value for the loan portfolio.
"We are very pleased to have reached these agreements," Margaret Keane, Synchrony CEO, said in the release. "Obtaining certainty around the Walmart portfolio and a renewal on Sam's Club is a great outcome for the company."
Synchrony and Sam's Club have worked together for 25 years, and offer private label and co-branded card programs, including mobile payment. Synchrony is integrated into the Sam's Club Scan & Go mobile checkout.
The company also renewed and extended its card relationship with Amazon.
Synchrony works with numerous retailers on mobile credit applications, payment and servicing through its SyPi technology, which is a fully integrated plug-in technology that integrates with the retailer's mobile app, according to a spokesperson.
Topics: Card Brands, Mobile Apps, Retail
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