People wearing masks will walk on a pedestrian crossing near Walgreens in New York City on September 30, 2020.
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Walgreens said Wednesday that it will increase its list of financial products for its customers, including affiliated credit cards and prepaid debit cards, to win more wallets and help manage expensive medical costs.
Credit cards will go on sale later this year. They are part of the Mastercard network and are published by Synchrony. These will be linked to Walgreens’ new loyalty program. The program resumed in November with new names, perks, and Covid’s pandemic-inspired features such as curbside pickup and delivery via doordash and postmates.
Walgreens and its drugstore buddies are adapting to the rapidly changing consumer behavior that accelerated during the pandemic. Walgreens is looking to new business opportunities, including opening hundreds of primary care clinics in stores, including a contract with VillageMD.
Walgreens president John Standley said the company also sees financial services as one of its growth drivers. “We continue to focus on creating new sources of income and look forward to exploring and implementing more health and well-being payment initiatives in the near future,” he said in a news release. It was.
This week, it is the second largest retailer to announce plans to expand into financial services. Wal-Mart said Monday that it has set up a startup for Ribit Capital and FinTech, one of the venture capital firms behind Robin Hood. Another company is dominated by large retailers.
Pandemics and depressions are putting pressure on many families who are trying to make money as they pay bills, save time and deal with unemployment. For example, during the holidays, more and more consumers were looking for other ways to raise money for their purchases. According to a recent report, the use of “buy now, pay later” for online orders increased by 109% during the holiday shopping season from November 1st to December 31st, during the final week before Christmas. The largest increase was seen. Report by Salesforce.
Affirm Holdings, which offers installment loans to online shoppers, began trading on Wednesday in Nasdaq.
Walgreens is looking to credit cards and financial services to increase revenue
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