CVS Pharmacy offering PayPal, Venmo touchless payment
CVS Pharmacy now is offering touch-free payment using PayPal and Venmo QR codes at 8,200 standalone retail locations. The xcodes allow customers to securely pay for their items without needing to touch a keypad or sign a receipt, while also being able to access multiple payment methods available in PayPal and Venmo wallets.
Using the QR codes allows customers to securely pay for their items without needing to touch a keypad or sign a receipt.
The partnership, which was first announced in July, makes CVS Pharmacy the first national retailer to integrate PayPal and Venmo QR code technology in its point-of-sale experience at all stand-alone locations across the country. The touch-free experience will be available to existing PayPal and Venmo customers, while new customers can sign up and link their preferred payment method usually within minutes.
Since January, CVS has seen a 43% increase in touch-free transactions, and according to research conducted by Forrester, 11% of the U.S. population reporting they're using a digital payment method for the first time as a result of the pandemic. New research from PayPal1 also shows that 57% of consumers surveyed said merchants' digital payment offerings impact their willingness to shop in their stores. More than a third (34%) say they would not buy from merchants at all if QR code-enabled payments were unavailable, reinforcing the need for a touch-free payment experience, especially in essential retail environments like pharmacies.
"Putting our customer's safety at the forefront of our innovations, we've focused resources on finding new ways to make customers' lives easier and more convenient," said Jon Roberts, executive vice president and COO at CVS Health. "Introducing more digital options, including touch-free payments at the register, is in step with changing consumer preferences."
"The launch of PayPal and Venmo QR codes in CVS Pharmacy stores will not only provide health-conscious customers with a touch-free way to pay at checkout, but also brings the safety and security of PayPal and Venmo transactions into the store with shoppers," said Jeremy Jonker, PayPal senior vice president head of consumer in-store and digital commerce. "We are thrilled that PayPal and Venmo QR codes will help to maintain the safety of CVS customers and employees, especially in the essential pharmacy retail environment as we go into the winter months."
This year CVS Pharmacy accelerated the availability of innovative digital and mobile options for customers. In addition to expanding at-home delivery services and establishing marketplace partnerships with InstaCart and DoorDash, the retailer added new features to the CVS mobile app. From an updated user interface to more app-only rewards, the additions make it easier for ExtraCare members to use contactless coupons and loyalty program rewards, and scan product barcodes to easily find savings.