Walgreens in partnership with InComm Payments launches new bank account offering
By Pavithra R
Walgreens has announced expanding its financial service business strategy with InComm Payments, a leading global payments technology company, to provide convenient and accessible financial services options for its customers.
Under the deal, the companies will jointly launch a new bank account offering for its customers to be established at MetaBank with a Mastercard debit card that will serve its shoppers both in-store and online and allow them to earn myWalgreens Cash rewards on purchases as part of myWalgreens customer loyalty program.
The deal is part of the companys’ alternative profit strategy and broader initiative to launch new financial products and services that reinforce its commitment to offering differentiated services and benefits to its customers. The new banking solution will complement the firms’ plan to continue its health and well-being focus and enhance its loyalty program and customer personalization. The solution leverages InComm Payments’ modern digital banking-as-a-service platform.
“Walgreens is committed to helping customers with their health and well-being needs, and we’re pleased to expand our financial services offerings to further enrich the experiences and ways we meet customers’ financial needs. 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,” said John Standley, president, Walgreens.
Additionally, the companies plan to re-launch the Walgreens-branded gift card program. InComm Payments will oversee the management of Walgreens’ existing physical gift card program, launch Walgreens’ digital gift cards, and enable digital purchase and redemption on walgreens.com. It will also facilitate broader distribution of the Walgreens gift card across B2B, loyalty, rewards and e-commerce channels.
“We’re honored that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities. 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,” said Stefan Happ, President of InComm Payments.
The bank account is expected to be available at nearly 9,000 Walgreens stores and online in the second half of 2021. Shoppers will be able to find the product in-store or sign up directly online and then manage their everyday finances in the new easy-to-use mobile banking app.