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July 15, 2022
On the web
“Pay With Synchrony” App Launches as First Combined Private Label BNPL Financial Solution Available for Small Business Via Clover®
“Synchrony, a leading consumer financing company, today announced that merchants will now be able to offer a short-term, no interest installment option, Synchrony SetPay pay in 4, via the Clover® point-of-sale and business management system from Fiserv, Inc. This buy now, pay later (BNPL) offering will further expand the reach of Synchrony’s innovative payments and financing options and enable select merchants that use Clover to accelerate growth while providing more choice and flexibility for consumers – especially at the point of sale.”
October 29, 2019
On the web
Synchrony Looks to Venmo’s Social Network To Help Market the P2P Service’s New Credit Card
“PayPal Holdings Inc. and Synchrony Financial have been sparing about the details of a new credit card they plan to issue for PayPal’s Venmo peer-to-peer payment service, but on Monday a top Synchrony executive said the partners are counting on a key characteristic of Venmo to help market the new card. “We’ll use the social network of Venmo to drive utilization,” Carol Juel, Synchrony’s chief technology officer, told Digital Transactions News. Venmo was one of the first P2P networks to offer a Facebook-like experience that lets users fill in recipients on the purpose of specific payments and comment on new features. In cases like the new credit card, which is expected to debut in the second half of next year, the social network working alongside Venmo could help announce the product and induce at least some users to apply for it.”
August 15, 2018
On the wires
Synchrony Financial, Lowe’s Extend Ties for Better Services
“With this partnership extension, Synchrony would be managing and servicing the consumer and commercial credit card programs for Lowe’s customers at more than 1,740 U.S. stores and also on Lowes.com. These programs help boost the sales through a solid consumer offering, which even includes a 5% off on a daily basis to all cardholders along with special promotional offers.”
July 27, 2018
Synchrony Lost Walmart Card Deal In Battle With Capital One
“Synchrony Financial said its credit-card deal with Walmart Inc. won’t be renewed and will expire next year. The largest issuer of store cards said Thursday that it’s evaluating whether to sell the $10 billion in balances or retain the portfolio and convert qualifying customers to general purpose credit cards. Capital One Financial Corp.will take over as issuer of the Walmart’s private-label and co-branded credit cards beginning Aug. 1, 2019.”
July 12, 2018
On the web
Walmart Said To Weigh Bids From Capital One, Synchrony For Its Credit-Card Business
“Walmart has narrowed the competition for its credit card business to bids from two lenders, Capital One and its current card partner Synchrony Financial, according to a report by Bloomberg on Thursday. The retail giant wants its credit card partner to support its aspirations for Walmart Pay, with a substantial part of that being an expansion in its offering of mobile payments, the report said. Shares of Synchrony fell nearly 3 percent in trading following the report, while Capital One stock rose slightly.”
July 3, 2018
On the web
PayPal Sells Its Consumer Credit Portfolio To Synchrony For $7 Billion
“In November 2017, PayPal announced it had agreed to sell $5.8 billion in consumer credit receivables to Synchrony Financial as a part of an expanded relationship between the two companies. That deal has now closed, with Synchrony actually acquiring $7.6 billion in receivables, including PayPal’s U.S. consumer credit portfolio, totaling $6.8 billion at the close, as well as around $0.8 billion in participation interests held by unaffiliated third parties. PayPal received approximately $6.9 billion in total consideration at the time of closing.”
May 11, 2018
On the wires
Synchrony to Acquire Loop Commerce to Transform Digital Gifting
“Synchrony today announced a definitive agreement to acquire Loop Commerce, a technology leader in digital and in-store gifting services with its award-winning and patented GiftNow platform and service. The acquisition will help diversify Synchrony’s business, broaden its reach, provide more strategic value and capabilities for partners, and deepen its technology portfolio.”
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