Walgreens has joined forces with the payments technology company InComm Payments to launch Scarlet, a bank account and debit card available exclusively at its drugstores.
The card, powered by Mastercard and issued by MetaBank, is designed to “make the path to financial wellness simpler than ever with Walgreens Cash rewards, as well as personal finance planning tools and payment solutions,” the company said in a news release on Thursday (Sept. 2).
Walgreens says Scarlet will be available at any of its 9,000 stores, as well as online and through its mobile app.
The card lets account holders get cash rewards on purchases. It also includes features designed to promote financial wellness, including free two-day early direct deposit, spend management tools and free withdrawals at more than 55,000 ATMs. Members will also be able to pay bills online, send money to other Scarlet account holders and get cash back at the register.
“With a focus on our customers’ health and wellbeing, Walgreens is pleased to expand our financial services offerings with Scarlet, and further expand the broad spectrum of financial solutions that are accessible to the customers, patients and communities we serve,” said Maria Smith, vice president of payments and financial services at Walgreens.
The launch of the Scarlet card follows last month’s rollout of the myWalgreens Mastercard, a branded credit card issued by Synchrony Bank aimed at incentivizing customers’ healthy living choices such as doctors’ appointments and gym memberships.
David Parkes, senior vice president of co-branded products at Synchrony, told PYMNTS’ Karen Webster that the card was designed to reward people for healthy choices, whatever that may mean for each consumer. “We’ve tried to design a macro construct that provides the framework for people of all types and with all needs to get rewarded for this healthy lifestyle,” he said.
In addition to Walgreens Cash rewards on products, cardholders can also get 3% rewards on health and wellness purchases outside Walgreens, including visits to their healthcare providers.