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Walgreens to Offer Digital Bank Accounts

FDIC-insured accounts will be available through a partnership with MetaBank

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Walgreens (Deerfield, Ill.) will offer bank accounts to customers online and at 9,000 of its retail stores in the second half of 2021, according to a press release.

The pharmacy chain said the FDIC-insured accounts will be available through a partnership with MetaBank. The retailer said it will use payment technology company InComm Payments’ Banking-as-a-Service (BaaS) platform, while Mastercard will issue debit cards for the accounts.

Walgreens said the agreement is part of its “alternative profit strategy” — one element in a broader initiative to launch new financial products and services that offer differentiated services and benefits to its customers.

InComm Payments will oversee management of Walgreens’ existing physical gift card program, launch Walgreens’ digital gift cards and enable digital purchase and redemption on the pharmacy chain’s website, the retailer said.

John Standley, the company’s president said in the release: “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.”

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Jennifer Acevedo is the editor-in-chief and associate publisher of VMSD magazine.

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