The retail pharmacy chain will begin offering bank accounts in the second half of 2021, Walgreens announced Tuesday, the latest step in a strategy Walgreens launched earlier this year to branch out beyond gum, birthday cards, and medicines and into the world of consumer finance. Consumers will be able to sign up for an account online or in all of Walgreens’ nearly 9,000 stores, a company release said. The accounts will be linked to a Mastercard debit card that can be used in Walgreens stores or on its website, with purchases receiving points through the brand’s myWalgreens customer loyalty program. A new mobile banking app will also launch with the accounts, which Walgreens said will allow customers to attend to their “everyday finances” outside of the store. Walgreens has partnered with InComm Payments, a global payments technology company, to develop the new program, with the bank accounts offered through MetaBank. “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 of Walgreens, in a statement. “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.” In January, the chain unveiled a Mastercard credit card and prepaid debit card, also expected to be available later this year.
