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.