Walgreens Expands Financial Services Business Strategy, in Partnership with Synchrony and Mastercard

• 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.