On January 14, Walgreens announced about expanding its financial services offering in partnership with Synchrony and MasterCard as part of its ongoing commitment to offer differentiated healthcare services and benefits to customers. According to the report the company plans to launch credit cards, issued by Synchrony, as well as a prepaid debit card, both of which will be powered by the MasterCard network.
Synchrony is a well-known as 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,” – the company said.
MasterCard, in its turn, is a global technology company in the payments’ industry. “Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential,” – the company writes.
The main privilege for users will be the fact, that 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.
“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.”
New Walgreens Financial Services
Walgreens said, that this step, is the first in a range of new financial products and services, that they have planned, to continue its health and well-being focus and to enhance its loyalty program and customer personalization. Walgreens will 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.
According to the report, 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 are the 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.”