Walgreens announces plans to launch financial services

Walgreens plans to launch a full suite of integrated financial services, Balance Financial, in phases throughout the next few months.

The services are all built around the chain’s new Balance Financial Prepaid MasterCard. Balance Financial is currently offered to customers of more than 250 Walgreens locations in Detroit, Milwaukee and Nashville, with a nationwide card rollout expected before year end and additional financial services in 2014. Balance Financial is powered by Galileo, a leader in advanced payment processing solutions.

“Millions of Americans do not have — or want alternatives to — traditional checking accounts and debit cards,” said Jason Dubinsky, Walgreens VP and treasurer. “For them, Balance Financial will represent safety, convenience, value and rewards. With Balance Financial as our platform, over time we plan to add more features and functionality that give our customers even more powerful financial tools to get, stay and live well.”

Balance Financial is a collaboration of Walgreens, MasterCard, Galileo and FIS. In addition, Western Union services are expected to be available in 2014.