Walgreens Expands Financial Services Business Strategy, in Partnership with Synchrony and Mastercard
January 13 2021 - 08:09AM
Business Wire
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.
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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.
About Walgreens
Walgreens (www.walgreens.com) is included in the Retail Pharmacy
USA Division of Walgreens Boots Alliance, Inc. (Nasdaq: WBA), a
global leader in retail and wholesale pharmacy. As America’s most
loved pharmacy, health and beauty company, Walgreens purpose is to
champion the health and wellbeing of every community in America.
Operating more than 9,000 retail locations across America, Puerto
Rico and the U.S. Virgin Islands, Walgreens is proud to be a
neighborhood health destination serving approximately 8 million
customers each day. Walgreens pharmacists play a critical role in
the U.S. healthcare system by providing a wide range of pharmacy
and healthcare services. To best meet the needs of customers and
patients, Walgreens offers a true omnichannel experience, with
platforms bringing together physical and digital, supported by the
latest technology to deliver high-quality products and services in
local communities nationwide.
About Synchrony
Synchrony (NYSE: SYF) is 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. Synchrony enables our partners to grow sales and loyalty
with consumers. We are one of the largest issuers of private label
credit cards in the United States; we also offer co-branded
products, installment loans and consumer financing products for
small- and medium-sized businesses, as well as healthcare
providers. Synchrony is changing what's possible through our
digital capabilities, deep industry expertise, actionable data
insights, frictionless customer experience and customized financing
solutions. For more information, visit www.synchrony.com and
Twitter: @Synchrony.
About Mastercard
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
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version on businesswire.com: https://www.businesswire.com/news/home/20210113005513/en/
Walgreens Morry Smulevitz or Scott Goldberg
media@walgreens.com
Synchrony Angie Hu Angie.Hu@syf.com
Mastercard William Tsang William.Tsang@mastercard.com
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