Walgreens To Offer Bank Accounts

Walgreens will expand into banking later this year by offering bank accounts to customers both at its pharmacies and online.

Walgreens has partnered with Georgia-based InComm Payments, a global payments technology company, to provide customers with financial services options, Walgreens said in a statement. The companies will launch a new bank account that will be established at South Dakota-based MetaBank. The FDIC-insured accounts will be demand deposit accounts with Mastercard debit cards issued by MetaBank.

The bank account is expected to be available at nearly 9,000 Walgreens stores and online in the second half of 2021, according to the statement.

Walgreens said the partnership was part of its alternative profit strategy and broader initiative to launch financial products and services, adding that the banking product “will complement Walgreens’ plans to continue its health and well-being focus and enhance its loyalty program and customer personalization.”

“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. “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.”

Walgreens will use InComm Payments’ digital banking-as-a-service platform to offer the product. Shoppers will be able to sign up in-store or online. The account can be managed through a mobile banking app.

“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.”