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Walmart continues to amaze us just when you think they can’t get any more surprising!The brand is showcasing their most recent creation, the OnePay credit card, right out of the oven this time! And by fusing the global network of Mastercard, the retail might of Walmart, and the banking technology of OnePay, it aims to upend the U.S. financial industry. A fantastic combination, reminiscent of Brazil in the 1970s!
However, use caution and don’t get our hopes up too high just soon. Although it is anticipated to happen this fall, there is yet no debut date. Millions of Walmart shoppers nationwide will have access to it.
Walmart and the new alliance
Take some time to consider this; it has the potential to revolutionize our entire society! Perhaps someone believes that this change (or agreement, if you prefer) merely involves issuing new plastic cards, but my dear, that is not all there is to it.
The goal of this shift is to establish a completely new financial services system within the biggest grocery store chain in the world! Let’s be honest, though. Don’t you believe there are a lot of questions regarding this creation?
What think experts?
First, according to One Pay CEO Omer Ismail, the primary goal is to create a distinctive platform that allows users to save money and make payments (and borrow money for those in need).
Although it sounds excellent, Linda Kirkpatrick, president of Mastercard for the Americas, has emphasized the value of establishing a plan to prevent fraud, which is also a logical thought process.
This new financial system
Debit accounts with cashback, high-yield savings, P2P transfers, and installment loans are already available through OnePay. With the introduction of the OnePay credit card, users can now finance purchases and earn rewards quickly and without ever leaving the app. For its part, Walmart wants the card to work with Walmart Pay, the company’s shopping app, so that these consumers can receive exclusive promotions and personalized offers through the membership program!
And the security?
The security of OnePay’s technology is based on biometric authentication and encrypted tokens. Instantaneous digital onboarding will be provided, and traditional histories and analysis of consumer purchasing patterns will be combined to determine credit acceptance.
This implies that customers will be able to apply for the card from their phone and begin using it for contactless payments, online, or in-store in a matter of seconds. Additionally, your data is encrypted, so don’t worry!
And the banking competition?
Imagine that consumer banks that control traditional cards are under attack from OnePay. Remember that the goal of this project is to unify the entire shopping experience; few services can provide that, but if it functions well, it will undoubtedly be like everything else in life.
But why?
Imagine having everything at your fingertips: a loyalty program, simpler payments, and comprehensive services ranging from loans to cashbacks. That sounds like an amazing move, doesn’t it? That’s precisely what they’re doing—neither more nor less.
Will there be rewards?
Although Walmart and OnePay have not yet announced anything, many people think they will provide early access, exclusive deals on necessities, and fast cashback via the app so that customers can save as much money as possible.
Are there regulatory challenges?
They must, of course, abide by the Credit Card Act, which mandates complete openness in fees and rates. Despite OnePay’s assurances of rigorous compliance, we must continue to be on the lookout for any errors or lapses.
Low-income groups typically prefer to pay with cash rather than credit cards, which presents another difficulty as a result of this shift. Therefore, it will be interesting to observe how they adjust this sizable segment of the population to their new situation.
Even though we still have the entire summer to prepare, things are starting to come together for the arrival of October. With no rivals, the All-in-One is already here!
