Payments News

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Companies

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 […]
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Companies

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 […]
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Companies

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 […]

On The Wires

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Companies

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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Companies

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 […]