Walmart’s push into financial services is accelerating as its affiliated fintech, OnePay, expands into auto finance. This week, OnePay launched My Garage, a feature designed to consolidate auto-related payments and financial information into a single hub. Walmart is the majority owner of OnePay, which also counts Ribbit Capital among its backers and plays a central role in the retailer’s financial app strategy.
What My Garage Offers
Consumers using OnePay’s My Garage can access their vehicle’s current value, loan equity, payoff timeline, auto insurance offers, and gas rewards. The goal is to provide a one-stop location for information that is typically scattered across multiple apps. Pat McLoughlin, general manager of Marketplace at OnePay, explained in an email to American Banker that consumers don’t think in terms of financial products but rather what those products enable in their lives. He noted, “[We’re giving] people financial visibility into one of the most expensive assets they own but rarely fully understand.”
The Competitive Landscape in Auto Finance
Auto finance is a fragmented market that attracts both banks and fintechs seeking to offer a smoother user experience. For most people, a car is the second-largest purchase after housing, making payments and financial management around it a key focus.
Recent Moves by Banks and Fintechs
Origence, a credit union service organization specializing in auto-lending technology, and Catalyst Corporate Federal Credit Union recently launched instant payments through FedNow in collaboration with Tesla. This enables credit unions connected to Origence’s lending subsidiary, FI Connect, to instantly fund loans to the automaker.
Among banks, TD Auto Finance, the U.S. auto lending division of Toronto-Dominion Bank, has advanced payments technology through support for the bank-led RTP network. U.S. Bank has also connected new payment technology to auto-related services via a collaboration with Driveway.com, the e-commerce subsidiary of automotive group Lithia Motors.
OnePay's Broader Financial Ecosystem
OnePay was formed in 2022 through the merger of several fintech startups, including Hazel and the challenger bank One. Its product suite includes debit cards issued by Green Dot and high-yield savings accounts provided by Coastal Community Bank. The company also partners with Synchrony Financial to offer a co-branded credit card usable anywhere and a private-label card for Walmart purchases, both embedded in the OnePay app.
Other offerings include buy now, pay later (BNPL) services through a partnership with Klarna for loans at Walmart stores, and a collaboration with Upstart to provide credit access to Walmart shoppers. In September 2025, OnePay launched OnePay Wireless, a prepaid phone plan powered by Gigs and running on the AT&T network.
Expert Perspectives on OnePay's Move
Aaron Press, research director of Worldwide Payment Strategies, sees OnePay’s entry into auto finance as facing competition from Chime, banks, and services like CreditKarma. He told American Banker, “This is more of an open banking and data access issue,” adding that OnePay is gathering data from multiple sources, presumably using an open banking framework to provide a single, complete of a vehicle’s financial impact. “This is something many banks will enable, but perhaps not as a discreet product or with as complete a ,” Press said.
Aaron McPherson, principal at AFM Consulting, likened OnePay’s feature to a personal finance application with embedded lending. He suggested, “This is something that PayPal could try to do if it wants to strengthen its value proposition for consumers.” He also noted that other financial institutions with auto lending programs could easily add vehicle tracking functionality, saying, “That is where I would look for bank responses to OnePay.”
