Walgreens grows financial services efforts with InComm Payments

Walgreens’ newest effort will help make banking accessible to its shoppers and make earning myWalgreens rewards easier. In partnership with InComm Payments, the retailer is rolling out a bank account offering, establishing customers’ accounts at MetaBank and offering a Mastercard debit card that will allow shoppers to earn myWalgreens Cash rewards on all purchases as part of the new myWalgreens loyalty program. 

The banking solution rollout follows Walgreens’ recent partnership with Synchrony and Mastercard to offer branded credit cards and prepaid debit cards, both of which also connect with the myWalgreens program. The company said that its broader initiative to launch new financial products and services is aimed at reinforcing its commitment to offering differentiated services and benefits to customers. 

“Walgreens is committed to helping customers with their health and well-being needs, and we’re pleased to expand our financial services offerings to further enrich the experiences and ways we meet customers’ financial needs,” said John Standley, president, Walgreens. “We look forward to exploring and introducing even more customer-focused health and well-being payment initiatives in the near future, while creating new revenue streams.”

The banking solution will use InComm Payments’ banking-as-a-service platform. Shoppers can find the product in-store or sign up directly online and then manage their finances with a mobile banking app. 

“We’re honored that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities,” said Stefan Happ, President of InComm Payments. “This new product offering will establish Walgreens as a destination for financial services, building on Walgreens’ legacy as a one-stop shop for pharmacy and convenience.”

Walgreens and InComm Payments said they planned to relaunch the Walgreens-branded gift card program, with Incomm overseeing management of the retailer’s existing physical gift card program, launching digital gift cards and enabling digital purchase and redemption on Walgreens’ website.