Walgreens desires clients to consider it for greater than drugs and snacks — it desires to be their financial institution too.

The pharmacy chain will debut a brand new checking account for purchasers that can supply rewards tied to its loyalty program, Walgreens Boots Alliance mentioned in a press launch Tuesday. The accounts might be established at MetaBank and in addition include a Mastercard-branded debit card, Walgreens mentioned.

“This new product providing will set up Walgreens as a vacation spot for monetary providers, constructing on Walgreens’s legacy as a one-stop store for pharmacy and comfort,” Stefan Happ, president of InComm Funds, one of many firms serving to Walgreens debut the brand new accounts, mentioned within the launch.

Walgreens has been eyeing monetary providers as a technique to increase earnings. Earlier this 12 months, the chain mentioned it could debut co-branded credit score and pay as you go debit playing cards. In Tuesday’s announcement, Walgreens mentioned it could supply the checking account on-line and at its practically 9,000 shops within the second half of the 12 months.

The Walgreens chain, which incorporates Duane Reade drugstores in New York Metropolis, isn’t the one retailer seeking to develop in monetary providers. Walmart Inc. additionally has mentioned it’s hoping to supply clients entry to lower-cost monetary providers, and introduced it could type a separate financial-technology firm as a part of these efforts.

“We stay up for exploring and introducing much more customer-focused well being and well-being cost initiatives within the close to future, whereas creating new income streams,” Walgreens President John Standley mentioned in Tuesday’s press launch.



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