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Synchrony Financial (SYF) Extends Partnership With Mattress Firm

Synchrony Financial SYF recently unveiled that it has renewed its collaboration with America’s leading specialty mattress retailer, Mattress Firm. Notably, the partnership, which was formed in 2015, offers a private label credit card program that helps customers of Mattress Firm and its family brands.

Through the extended collaboration, customers of Mattress Firm can avail the benefits of Synchrony Financial's financing programs and solutions while making online and in-store purchases at 2,400 Mattress Firm stores across the United States.

Notably, Synchrony Financial has been striving to enhance the transaction journey of Mattress Firm’s customers through digital tools and analytics, which has resulted in hassle-free user experience. Further, eligible cardholders are entitled to enjoy special financing, and online and mobile account management benefits.

Shares of this Zacks Rank #3 (Hold) company have rallied 63.2% in the past six months against the industry’s decline of 4%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Moreover, Synchrony Financial has been undertaking a series of acquisitions and renewal of alliances with several payment solutions partners, which has helped the company to enhance its digital capabilities. With a strong digital arm, the company intends to ease financing at the point of sale. This, in turn, increases customers’ purchasing power as they can easily opt for credit at any time. Through its differentiated solutions and intensified focus on customers, the company also offers safe and secured shopping to its consumers across every stage of the purchasing process.

Its worth mentioning that the enhanced payment and financing solutions of Synchrony Financial has made it a preferred choice of partner for those who seek to augment their business prospects and provide a seamless customer experience.

One of the notable tie-ups undertaken by Synchrony Financial include that with Mastercard Incorporated MA and Walgreens in this month itself. Per the collaboration, Synchrony Financial will issue credit cards for Walgreens, which will be powered by the Mastercard network. In the past, Synchrony Financial has also teamed up with the leading payment processor, PayPal Holdings, Inc. PYPL, for providing credit card programs powered with digital and mobile payments.

Another company in the same space, American Express Company AXP has also been leaving no stone unturned to enhance its digital arm for addressing the current needs of consumers amid the pandemic, with an intensified focus on online shopping and small business needs.

Coming back, the latest move of Synchrony Financial seems to be time opportune as the global retail landscape has been inclining toward shopping online amid the ongoing coronavirus pandemic. Initially, stringent lockdowns imposed by the governments resulted in temporary closing of retail stores, as only essential businesses including medical and grocery shops were allowed to remain open at that time. On further easing of the restrictions, customers went on to prefer contactless payments and shop online in a bid to limit visits to the stores for curbing the virus spread. A spurt in online shopping has fueled the usage of debit or credit cards and other forms of digital payment methods, which positions Synchrony Financial well to gain from the e-commerce growth trend. Notably, the global e-commerce market is projected to witness a CAGR of around 11.3% over the 2020-2024 period, per Research and Markets.

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