Fintech and payments are becoming more important to the overall retail experience, and Walgreens provides one of the latest examples of that.
Walgreens is expanding its financial services offering in partnership with Synchrony and Mastercard as part of its ongoing commitment to offer differentiated health care services and benefits to customers, the retailer said.
In the coming months, Walgreens will launch credit cards, issued by Synchrony, as well as a prepaid debit card, both of which will be powered by the Mastercard network.
The credit cards will closely connect with Walgreens new customer loyalty program, myWalgreens, which launched in Nov. 2020, and cardholders will be able to receive myWalgreens cash rewards and other offers. Additionally, the flagship, co-branded credit card will offer a wider range of benefits provided through Synchrony and Mastercard when used at other retailers and service providers.
The new cards will be the first in a range of new financial products and services planned by Walgreens to continue its health and well-being focus and to enhance its loyalty program and customer personalization. Walgreens plans to explore a number of Mastercard solutions across the payments technology ecosystem, including services such as insight and analytics, customer engagement and loyalty, cybersecurity and point-of-sale financing, including installments.
“Walgreens is committed to providing our customers and patients with unparalleled loyalty and rewards experiences for managing their health and well-being, and we are excited to partner with Synchrony and Mastercard, who share our commitment to support healthy communities,” said John Standley, Walgreens president. “As we continue to focus on creating new revenue streams, we look forward to exploring and introducing even more health and well-being payment initiatives in the near future.”
Eligible customers will be able to use the Walgreens credit card for purchases at more than 9,000 Walgreens stores, Walgreens.com and via the Walgreens mobile app. They will have access to contactless shopping experiences and mobile-first money management features as well as the opportunity to earn accelerated rewards. Those same customers will also be able to use the flagship, co-branded credit card to make purchases at other retailers and places of business wherever Mastercard is accepted, and earn rewards, including accelerated rewards when shopping products in the health and wellness category, an area Walgreens champions in communities across America.
The new Walgreens credit cards are slated to be available in the second half of this year.
The Walgreens move comes after Walmart announced its own fintech initiative.
The retailer said it will launch a fintech startup designed to develop and offer modern, innovative and affordable financial solutions. The new company is a strategic partnership with leading fintech investment firm Ribbit Capital. The venture will bring together Walmart’s retail knowledge and scale with Ribbit’s fintech expertise to deliver tech-driven financial experiences tailored to Walmart’s customers and associates.