Walgreens announced on Wednesday it is expanding its financial services offering in partnership with Synchrony (NYSE: SYF) and Mastercard (NYSE: MA), as part of its ongoing commitment to offer differentiated healthcare services and benefits to customers. The retailer reported that 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.
Walgreens further explained the credit cards will closely connect with its new customer loyalty program, myWalgreens, which launched in November 2020. Cardholders will also be able to receive myWalgreens cash rewards and other offers. Additionally, the credit card will offer a wider range of benefits provided through Synchrony and Mastercard when used at other retailers and service providers.
“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.”
Speaking about the credit cards, John Standley, Walgreens President, stated that the retailer is committed to providing customers and patients with both loyalty and rewards experiences for managing their health and well-being.
“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 through the Walgreens mobile app.