Walgreens expands financial services offer

Date : 02 February 2021

Sabira Habib

Retail Analyst

Walgreens is partnering with Synchrony and Mastercard to launch a new credit card that connects with its myWalgreens loyalty programme.

Offering ‘differentiated healthcare services and benefits to customers’

Walgreens announced it will launch the co-branded credit cards in H2 2020. The credit cards will be issued by Synchrony Financials, while there will also be a separate prepaid debit card. Both will be linked to the Mastercard network.

The credit cards will be ‘closely connected’ to the new loyalty programme, myWalgreens, and will offer cardholders the benefit of receiving myWalgreens cash rewards.

WBA said, ‘The new cards will be the first in a range of new products and services planned by Walgreens, to enhance their loyalty program and customer personalisation.’

Customers will be able to make purchases using the credit cards at more than 9,000 Walgreens stores, Walgreens online and via the Walgreens mobile app. They will also be able to use the credit cards at other retailers and businesses where Mastercard is accepted. In turn, they will earn rewards including accelerated returns when buying products in the health and wellness category.

John Standley, Walgreens president said,

“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. 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.”

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