Walmart said to weigh bids from Capital One, Synchrony for its credit-card business

Published Thu, Jul 12 20182:39 PM EDT

Michael Sheetz @in/michaeljsheetz @thesheetztweetz

Key Points

Walmart is weighing a bid from Capital One for its credit card business, Bloomberg reported Thursday.
Synchrony, the retail giant's current credit card partner, is also bidding, the report said.
A substantial part of Walmart's criteria for the deal is an expansion of the retailer's mobile payments offering, the report said.

Cashiers ring up customers at registers inside a Walmart location in Burbank, California.

Patrick T. Fallon | Bloomberg | Getty Images

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.

Walmart represents over 10 percent of the interest and fees Synchrony earned on loans last year, Bloomberg said.

Read the full Bloomberg report here.