The news: Synchrony’s purchase volume inched up 3% year over year (YoY) to hit a first-quarter record of $41.56 billion. Growth was marginally higher than last quarter and a year ago.
Breaking it down: CEO Brian Doubles highlighted product diversification and 15 new or renewed partnerships—including with the two largest US dental associations—during Synchrony’s earnings call.
But Doubles cautioned that “customers are actively managing their budgets as the macro backdrop evolves,” signaling that conditions could get tougher.
What next? Synchrony could diversify its product offerings— it teased its own digital wallet last month. But it’s also eyeing a big co-brand opportunity: Walmart.
The Walmart partnership would also play to Synchrony’s traditional strength, which lies in card payments. This would position the issuer strongly as more consumers seek out store credit cards: Interest in applying for a store credit card reached the second-highest level in five years at the end of 2022, per LendingTree.
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