On March 30, Walgreens announced an agreement with InComm Payments, a leading global payments technology company, to provide convenient and accessible financial services options for its customers. Together, the companies will launch a new bank account offering for its customers to be established at MetaBank with a Mastercard debit card that will serve Walgreens shoppers both in-store and online and allow them to earn myWalgreens Cash rewards on all purchases as part of the new myWalgreens customer loyalty program launched in November 2020. MetaBank, is a financial enablement company that works to increase financial availability, choice, and opportunity for all.
“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,” said John Standley, president, Walgreens. “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.”
The Agreement Between Walgreens and InComm Payments
This agreement is part of Walgreens’ alternative profit strategy and recently announced broader initiative to launch new financial products and services that reinforce its ongoing commitment to offering differentiated services and benefits to its customers. The new banking solution will complement Walgreens’ plans 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 shoppers will be able to find the product in-store or sign up directly online and then easily manage their everyday finances in a new easy-to-use mobile banking app. The bank account is expected to be available at nearly 9,000 Walgreens stores and online in the second half of 2021.
“We’re honored that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities,” said Stefan Happ, President of InComm Payments. “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.”
Walgreens-Branded Gift Card Program
Walgreens and InComm Payments, also, plan to relaunch the Walgreens-branded gift card program. InComm Payments will oversee management of Walgreens’ existing physical gift card program, launch Walgreens’ digital gift cards, and enable digital purchase and redemption on walgreens.com. InComm Payments will also facilitate broader distribution of the Walgreens gift card across B2B, loyalty, rewards and e-commerce channels. The expansion further strengthens InComm Payments’ and Walgreens’ 12-year partnership while enhancing the Walgreens brand and customer experience in-store, online, and via mobile.
Use of the Walgreens Gift Card constitutes acceptance of these terms: The card is redeemable only for merchandise and services at Walgreens Drugstores, RXpress or Walgreens Pharmacies in the US, Puerto Rico or US Virgin Islands (as well as online photo purchases). The card is not redeemable for cash and no change will be given except as and where required by law. Taxes are the responsibility of the cardholder. Certain terms may be void or restricted where required by law.