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Walgreens, InComm Payments partner to expand financial services offerings

31 Mar 2021 (Last Updated March 31st, 2021 17:42)

US-based pharmacy retail chain Walgreens has partnered with payments technology company InComm Payments to expand its financial services offerings for customers.

Walgreens, InComm Payments partner to expand financial services offerings
InComm Payments will enhance Walgreens-branded gift card programme. Credit: Phillip Pessar / Flickr.

US-based pharmacy retail chain Walgreens has partnered with payments technology company InComm Payments to expand its financial services offerings for customers.

The companies will launch a new bank account offering for Walgreens’ customers at MetaBank with a Mastercard debit card.

The solution, which uses InComm Payments’ modern digital banking-as-a-service platform, will allow customers to earn myWalgreens Cash rewards on all in-store and online purchases.

The bank account is expected to be available at almost 9,000 stores and online in the second half of the year.

The move is in line with the retailer’s alternative profit strategy and initiative to launch new financial products and services, which it announced in January.

Walgreens president John Standley said: “We are 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.

“We look forward to exploring and introducing even more customer-focused health and wellbeing payment initiatives in the near future while creating new revenue streams.”

InComm Payments president Stefan Happ said: “We’re honoured that Walgreens has selected InComm Payments’ financial services solutions to provide further benefits to its customers and communities.

“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.”

The companies will also relaunch the Walgreens-branded gift card programme, with InComm Payments managing the retailer’s existing physical gift card programme as well as introducing digital gift cards.

InComm Payments will take responsibility for greater distribution of the Walgreens gift card across various channels.

Last month, Walgreens revealed plans to expand its on-demand delivery solutions with online grocery platform Instacart across the US.

The same-day delivery service would be made available in Illinois before expanding to nearly 8,000 stores in south-east Florida, Dallas, Atlanta, Washington DC, New York City and other locations.

In 2019, the company began using Zebra Technologies’ enterprise-class handheld mobile computers and tablets to improve in-store operations and enhance customer experience.