Walgreens Expands Financial Services Business Strategy, in Partnership with Synchrony and MastercardJanuary 13, 2021 | DEERFIELD, IL., STAMFORD, CT., PURCHASE, NY
- Walgreens to launch co-branded Mastercard credit and prepaid debit cards, offering myWalgreens cash rewards
- Walgreens and Mastercard will also explore further healthcare-oriented services and payment offerings
Walgreens 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. 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.
The credit cards will closely connect with Walgreens new customer loyalty program, myWalgreens, which launched in November 2020, and cardholders will be able to receive myWalgreens cash rewards and other offers. Additionally, the flagship, co-branded credit card will offer a wider range of benefits provided through Synchrony and Mastercard when used at other retailers and service providers.
The new cards will be the first in a range of new financial products and services planned by Walgreens, to continue its health and well-being focus and to enhance its loyalty program and customer personalization. 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.
“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.”
Eligible customers will be able to use the Walgreens credit card for purchases at more than 9,000 Walgreens stores, Walgreens.com and via the Walgreens mobile app. They will have access to contactless shopping experiences and mobile-first money management features as well as the opportunity to earn accelerated rewards. Those same customers will also be able to use the flagship, co-branded credit card to make purchases at other retailers and places of business wherever Mastercard is accepted, and earn rewards, including accelerated rewards when shopping products in the health and wellness category, an area Walgreens champions in communities across America.
“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."
“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 new Walgreens credit cards are slated to be available in the second half of this year.
Walgreens (www.walgreens.com) is included in the Retail Pharmacy USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a global leader in retail and wholesale pharmacy. As America’s most loved pharmacy, health and beauty company, Walgreens purpose is to champion the health and wellbeing of every community in America. Operating more than 9,000 retail locations across America, Puerto Rico and the U.S. Virgin Islands, Walgreens is proud to be a neighborhood health destination serving approximately 8 million customers each day. Walgreens pharmacists play a critical role in the U.S. healthcare system by providing a wide range of pharmacy and healthcare services. To best meet the needs of customers and patients, Walgreens offers a true omnichannel experience, with platforms bringing together physical and digital, supported by the latest technology to deliver high-quality products and services in local communities nationwide.
Synchrony (NYSE: SYF) is a premier consumer financial services company. We deliver a wide range of specialized financing programs, as well as innovative consumer banking products, across key industries including digital, retail, home, auto, travel, health and pet. Synchrony enables our partners to grow sales and loyalty with consumers. We are one of the largest issuers of private label credit cards in the United States; we also offer co-branded products, installment loans and consumer financing products for small- and medium-sized businesses, as well as healthcare providers. Synchrony is changing what's possible through our digital capabilities, deep industry expertise, actionable data insights, frictionless customer experience and customized financing solutions. For more information, visit www.synchrony.com and Twitter: @Synchrony.
About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.