Walgreens joins forces with Synchrony and Mastercard to expand its financial services business
By Pavithra R
Walgreens has announced expanding its financial services offering by partnering with Synchrony and Mastercard, as part of its commitment to offer differentiated healthcare services and benefits to customers.
In the coming months, Walgreens is also planning to launch credit cards, issued by Synchrony, as well as a prepaid debit card, both of which will be powered by the Mastercard network. The co-branded credit cards will offer a range of benefits provided through Synchrony and Mastercard when used at other retailers and service providers. The credit cards will also closely connect with Walgreens new customer loyalty program, myWalgreens, which launched in November last year, and cardholders will be able to receive myWalgreens cash rewards and other offers.
“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,” said John Standley, Walgreens president.
Eligible customers will be able to use the new credit card for purchases at Walgreens stores, Walgreens.com and also via the Walgreens mobile app. The credit card will be able to use wherever Mastercard is accepted.
“Synchrony is proud to be Walgreens’ partner of choice for this new Walgreens Mastercard. 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,” said Brian Doubles, President of Synchrony.
Additionally, Walgreens has plans to explore Mastercard solutions across the payments technology ecosystem, including services such as customer engagement and loyalty, insight and analytics, cybersecurity, and point-of-sale (POS) financing, including installments. The new credit cards are slated to be available in the second half of this year.
“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. 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,” said Linda Kirkpatrick, president of North America at Mastercard.