Dive Brief:
Walgreens plans to launch bank accounts that will be available to customers online and at 9,000 of its retail stores in the second half of 2021, the company announced Tuesday.
The pharmacy chain said the Federal Deposit Insurance Corp.-insured accounts will be available through a partnership with MetaBank. The retailer said it will use payments 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.
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REUTERS/Brendan McDermid
Walmart just poached two senior Goldman Sachs execs focused on the bank s consumer business.
The retail giant previously announced the launch of a fintech venture with Ribbit, but has yet to share specific details.
Experts say the fintech could provide key opportunities for Walmart, but also open the door to some risk.
Walmart isn t just slicing the surface of fintech. All signs indicate that it is diving in deep on a mysterious new venture that will heavily feature efforts around consumer-focused banking services.
The clues are all there. Walmart just poached two top executives from Goldman Sachs who held key roles within its burgeoning consumer business, Marcus. That news came just over a month after the retailer announced it would launch a fintech venture with investment firm Ribbit, while remaining mum on any details, including the project s name.