with major private-label issuer Synchrony to debut a prepaid debit card, a store card, and a cobranded credit card set to run on the Mastercard network.Details remain scarce, but the cards, which are set to debut in H2 2021, will be tied to the chain's new myWalgreens loyalty program and offer cash rewards, among other perks. The cobrand will also feature benefits on health and wellness spending specifically.
. Walgreens offers Synchrony access to regular volume, even amid the pandemic. Though overall US consumer spending has been down, essential goods sales have been up across categories. And health, personal care, and beauty hit $544.64 billion in retail sales last year, up 4.7% annually—the second-highest growth rate of any category, eMarketer estimates from Insider Intelligence.
And the Walgreens deal complements Synchrony's ongoing partnership push as the issuer recovers from a rocky year. Synchrony has had a challenging few quarters after