Walgreens is expanding its financial services offering. In partnership with Mastercard and Synchrony, in the coming months, the company will be launching credit cards issued by Synchrony and prepaid debit cards, both of which will be powered by the Mastercard network.
Walgreens said the credit card would connect with its myWalgreens loyalty program, with cardholders eligible for myWalgreens cash rewards and other offers. The co-branded credit card also will offer benefits provided by Synchrony and Mastercard when used at other retailers.
“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.”
The company said the cards would be the first of a range of new financial products and services that will be aimed at continuing its health and well-being focus while enhancing its loyalty program and personalization efforts. Walgreens plans to leverage the Mastercard partnership to implement various solutions, including insights and analytics, customer engagement and loyalty, cybersecurity and point-of-sale financing.
“Synchrony is proud to be Walgreens’ partner of choice for this new Walgreens Mastercard,” said Brian Doubles, president of Synchrony. “Walgreens champions the health and well-being of communities, and with our technology and healthcare financing expertise, we will join forces to create convenient payment solutions and digital experiences to help customers pay for their everyday purchases.”
Eligible cardholders will be able to use the Walgreens credit card at the retailer’s more than 9,000 stores, as well as online and in the Walgreens mobile app. They also will have access to contactless shopping experiences and mobile-first money management, plus the opportunity to earn accelerated rewards. The cards also can be used anywhere Mastercard is accepted, with the ability to earn rewards.
“We understand the critical need to prioritize the consumer experience in a way directly relevant to their everyday lives, and this card is representative of that,” said Linda Kirkpatrick, president of North America at Mastercard. “We are proud to be teaming up with Walgreens and Synchrony to further connect their customers to the digital economy and enhance the consumer health and pharmacy experience through our differentiated technology and established role in healthcare.”
The cards are set to be available in the second half of 2021.