Walgreens Announces Further Expansion of its Financial Services Business Strategy with InComm Payments
Walgreens today 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.
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.
“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.”
“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.”
In addition, Walgreens and InComm Payments 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.
*Bank accounts will be demand deposit accounts established at, with debit cards issued by, MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard International Incorporated.
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 InComm Payments
InComm Payments is a global leader in innovative payments technology. Leveraging dynamic technology and proven expertise, InComm Payments delivers enhanced end-to-end payment platforms and emerging financial technology solutions that help businesses grow across a wide range of industries including retail, healthcare, tolling & transit, incentives, mobile payments and financial services. By enabling omnichannel connections to an ever-expanding consumer base in an increasingly digital ecosystem, InComm Payments creates seamless and valuable commerce experiences across the globe. With more than 27 years of experience, over 500,000 points of distribution, 386 global patents and a presence in more than 30 countries, InComm Payments leads the payments industry from its headquarters in Atlanta, Ga. Learn more at www.InCommPayments.com.
About MetaBank®, N.A.
MetaBank®, N.A., a national bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH), a South Dakota-based financial holding company. MetaBank, is a financial enablement company that works to increase financial availability, choice, and opportunity for all. MetaBank strives to remove barriers that traditional institutions put in the way of financial access, and promote economic mobility by providing responsible, secure, high quality financial products that contribute to individuals and communities at the core of the real economy. Additional information can be found by visiting www.metapay.com or www.metafinancialgroup.com.
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