OnePay is a financial technology company, not a traditional bank. This means it partners with FDIC-insured banks to provide banking services to its users.
The banking partners for OnePay are:
- Coastal Community Bank
- Lead Bank
Here’s a breakdown to help clarify:
1. OnePay (Walmart’s Financial App, U.S.)
OnePay is a fintech subsidiary of Walmart offering savings accounts, debit cards, and installment loans.
They do not hold a banking license themselves and partner with banks to issue cards and manage accounts.
A recent partnership announcement revealed that Synchrony Financial will be issuing Walmart-branded credit cards through the OnePay app. Synchrony will be responsible for card issuance, balance sheets, and loan servicing when the program launches in fall 2025.
2. OnePay (Myanmar Mobile Wallet)
In Myanmar, OnePay is a mobile wallet and lifestyle app that lets users top up balances, make payments, and transfer funds.
The official banking partner behind this app is Asia Green Development Bank (AGD Bank).
AGD Bank powers the interbank transfers enabling OnePay users to send money to and from a network of 16 domestic banks.
Quick Reference Table
| OnePay Variant | Banking Partner / Issuer | Role |
|---|---|---|
| Walmart’s OnePay (USA Fintech App) | Synchrony Financial | Issuing credit cards, servicing loans, managing balances (starting fall 2025) |
| OnePay (Myanmar Mobile Wallet) | Asia Green Development Bank (AGD) | Enabling wallet top-ups, interbank transfers, and digital transactions |
When you open an account with OnePay, your funds are held at one of these partner banks, which is why your deposits are FDIC-insured up to the legal limit. The debit cards issued by OnePay are also a result of this partnership, as they are issued by Coastal Community Bank or Lead Bank, pursuant to a license from Mastercard.
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