Walmart Weighs a Bid From Capital One for Credit Cards
- Retailer is said to narrow competition to the two lenders
- Synchrony shares drop as much as 6.3%, the most since February
A customer uses a credit card terminal to complete a purchase at a Wal-Mart Stores Inc. location in Burbank, California.
Photographer: Patrick T. Fallon/BloombergThis article is for subscribers only.
Walmart Inc. is considering moving its branded credit-card business to Capital One Financial Corp. from Synchrony Financial as it seeks to expand its mobile payments offering, according to people familiar with the matter.
The world’s largest retailer has narrowed the competition for its credit-card partnership to bids from the two lenders, said the people, who asked not to be identified because no decision has been announced. The negotiations are still ongoing, but the retailer is seeking a partner that can support its aspirations for Walmart Pay, the people said. Synchrony dropped in New York trading.