Walgreens is expanding its financial services by partnering with Synchrony and Mastercard. The partnership will enable the retail chain to launch credit cards issued by Synchrony, as well as a prepaid debit card both of which will be powered by the Mastercard network, according to a press release.

The credit cards will connect with Walgreens new customer loyalty program, myWalgreens, and cardholders will be able to receive myWalgreens cash rewards and other offers. The co-branded credit card will also offer cardholders a wider range of benefits provided through Synchrony and Mastercard when used at other retailers and service providers.

The new cards will be the first in a range of new financial products and services planned by Walgreens to enhance its loyalty program and customer personalization.

Eligible customers will be able to use the Walgreens credit card for purchases at more than 9,000 Walgreens stores, at Walgreens.com and via the Walgreens mobile app. Shoppers will have access to contactless shopping experiences and mobile-first money management.

"Walgreens is committed to providing our customers and patients with unparalleled loyalty and rewards experiences for managing their health and well-being, and we are excited to partner with Synchrony and Mastercard, who share our commitment to support healthy communities," John Standley, Walgreens president said in the release. "As we continue to focus on creating new revenue streams, we look forward to exploring and introducing even more health and well-being payment initiatives in the near future."