As part of its strategy to generate alternative profit sources, Walgreens announced Tuesday (March 30) that it would offer customers a connected bank account feature, designed to boost loyalty, rewards and convenience for both in-store and online purchases.
The new three-way tie-up with InComm Payments and MetaBank comes less than three months after the company announced a prepaid debit and credit card pact with Mastercard and Synchrony Financial in January, and reflects plans by the operator of 9,000 retail pharmacy locations to broaden its focus to health and well-being.
In a press release, Walgreens President John Standley said the new banking tie-up and loyalty and rewards tie-ins will not be the last efforts the company makes to diversify its business.
“We’re pleased to expand our financial services offerings to further enrich the experiences and ways we meet customers’ financial needs,” Standley said. “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.”
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The latest offer will provide customers with convenient and accessible financial services, Walgreens said, noting that the bank account is expected to be available at all Walgreens stores and online in the second half of 2021.
The new banking feature involves a deposit account at MetaBank that will come with a Mastercard debit card which can be used for purchases while also seamlessly earnings rewards and points through Walgreens’ customer loyalty program, which itself was just revamped in November.
“We’re honored that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities,” said InComm Payments President Stefan Happ. “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.”
To that point, InComm and Walgreens also said they were re-launching the Walgreens-branded gift card program, with the Atlanta-based FinTech overseeing Walgreens’ existing physical and digital card programs as well as the enablement of digital purchase and redemption on the pharmacy retailer’s website, walgreens.com.
InComm Payments said the expansion further strengthens a 12-year partnership between the two companies while enhancing the Walgreens brand and customer experience in-store, online, and via mobile.
Separately, Walgreens is slated to report its fourth quarter results Wednesday morning, a week after smaller rival Rite Aid said a mild cold and flu season crimped its sales.
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