If Walmart’s fintech offering will be called Hazel, then Walgreens is going Scarlet. The pharmacy chain this week launched a bank account, debit card and personal finance planning tools under the Scarlet brand name.

Why should we care?
With retailers pushing ahead on financial services products for customers – including Walmart, which recently filed a patent for a financial services suite of products called Hazel by Walmart and scooped up a team of ex-banking execs – the transition from banking as a location-based activity to a digital-first, embedded e-commerce activity is complete. Retailers with large numbers of customers, including Walgreens, are capitalizing on this scale to offer financial products to their customer bases. Scarlet is possible through a partnership with payments firm InComm. Through it, customers will be able to set financial goals; learn about cash-flow trends; and pay their bills. Wealth management products aren’t part of the launch, but the retailer hasn’t ruled it out. “We look forward to deepening engagement with our customers, as we continue to support their personal and financial wellbeing,” Maria Smith, vice president of payments and financial services at Walgreens was quoted as saying.