Walmart Inc. is talking to Capital One Financial Corp. about taking over its store credit card, according to people familiar with the matter.
The discussions, which are expected to wrap up in coming weeks, could end Synchrony Financial’s nearly 20-year run as the exclusive issuer of Walmart cards.
Synchrony SYF, -5.29% has been Walmart’s exclusive credit-card issuer since 1999 and counts the partnership as one of its five biggest by revenue. Synchrony issues both a private-label card, which can only be used at Walmart’s stores and website, and a co-branded card that is accepted almost everywhere.
This is the first time Walmart WMT, -0.01% launched a formal request for bids from other card issuers, people familiar with the matter said. The retailer met earlier this year with executives from Capital One COF, -0.08% and Goldman Sachs Group Inc. GS, +0.69% , which has been exploring its own entry into credit cards, according to people familiar with the matter.
An expanded version of this report appears on WSJ.com.
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