Synchrony Financial ( SYF ) shares are trading higher Monday after the company announced a strategic partnership with OnePay to launch an industry-leading credit card program with Walmart.

The Details: Under the partnership, Synchrony will become the exclusive issuer of OnePay credit cards at Walmart. The program will launch this fall and include both a general-purpose Mastercard and a private label card for Walmart purchases.

The cards will be integrated into the OnePay app, providing users with access to OnePay's suite of financial products. Synchrony said the initiative is expected to drive loyalty and sales at attractive risk-adjusted returns while being accretive to long-term financial performance.

"We are proud to be selected by OnePay to further our mission of helping people live better and build healthier financial futures with Walmart," said Brian Doubles, president and CEO of Synchrony.

"Together, we aim to drive even greater innovation and new credit experiences to better serve customers while driving long-term, high-quality growth."

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SYF Price Action: At the time of writing, Synchrony shares were up 2.94% at $60.96, according to data from Benzinga Pro.

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