Synchrony Financial and J. C. Penney Co. Inc. have extended their nearly two decade-old strategic partnership with a new multiyear agreement.

Synchrony has earlier partnered with the apparel and home retailer to offer a private label credit card program and a JCPenney Mastercard Dual Card. In addition, Synchrony helped JCPenney integrate credit payments into the retailer's mobile app using SyPi, a Synchrony plug-in.

Under the extended partnership, Synchrony will continue to manage and service payment cards for JCPenney customers at its more than 860 stores in the U.S. and Puerto Rico, as well as JCPenney.com.

The announcement comes two months after Walmart Inc. ended its co-branded card deal with Synchrony.