Walmart is about to make another major splash into the financial-services world through its fintech venture, called ONE.
The retail giant last year entered into a strategic partnership with investment firm Ribbit Capital to acquire two different platforms and create the fintech startup, known as “ONE”.
ONE will offer its own Buy Now, Pay Later loans to Walmart customers as soon as next year. This follows an earlier move to offer banking accounts to Walmart employees.
The latest development comes roughly a year after Walmart customers revolted against the retail giant for abandoning its popular layaway program. Instead, Walmart said at the time, customers should use its buy-now-pay-later service, which it offers through a partnership with Affirm.
Buy Now Pay Later jumped 85% during the period between Thanksgiving and Cyber Monday, compared with the prior week.
Walmart says over time, the ONE app will be integrated inside Walmart’s physical and digital channels offering solutions to its 1.6 million U.S. associates and 100 million-plus weekly shoppers.
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