THE WHAT? Walgreens is expanding its financial services in offering in partnership with Synchrony and Mastercard. The WBA-owned drugstore chain is poised to launch co-branded Mastercard credit and pre-paid debit cards, which will offer myWalgreens cash rewards.
THE DETAILS The new cards will be the first in a range of new financial products and services planned by the US retailer. Walgreens said that it plans to explore ‘a number of Mastercard solutions across the payments technology ecosystem’.
THE WHY? As footfall continues to dwindle, retailers are exploring diverse revenue streams. As John Standley, Walgreens President, explains, “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.”