Categories: Consumer Finance

Verizon Partners With Synchrony On Credit Card Offering

Verizon is partnering with financial firm Synchrony to put out its own consumer card in the first half of this year, they said on Thursday (Jan. 23), according to published reports.

The telecom is entering the finance world in league with Synchrony, which boasts partnerships in the past with firms like Amazon for its Amazon Store Card, as well as companies like Old Navy, Lowe's, Sam's Club and PayPal, all for those companies' own credit card programs.

There was little information Thursday on what will make Verizon's card different from its competitors, according to CNET, and it was not said whether Verizon will offer special perks or require an annual fee to participate in their program.

But Verizon is joining a well-stocked list of competitors in the finance sphere. T-Mobile recently started providing banking services through T-Mobile Money, and Amazon and Uber now both offer their own branded cards.

Amazon offers 5 percent back on its site and on purchases made at Whole Foods, and Uber has updated its Visa card to give discounts on Uber rides, Eats and Jump purchases.

And, both cards offer things like boosted cash back at restaurants.

Apple has also joined the finance world with its own card, partnering with companies like Walgreens, Nike, Uber and T-Mobile to offer cashback at stores when one uses Apple Pay. Apple also offer discounts at its own retail and online stores.

In addition to the new card, Verizon is dabbling in several other new forms of technology.

They're venturing into new modes of paying for entertainment. Rather than tethering customers to traditional annual contracts, the company is jumping on the bandwagon of "cutting the cord" and letting people customize their rosters and mix and match their streaming services and channels to suit their individual tastes.

The company has also partnered with Snap in order to provide augmented reality (AR) experiences, including new ways to experience live entertainment, such as transporting fans backstage at concerts and provide spectators with unique views at sporting events.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.