CVS Pharmacy to roll out PayPal, Venmo touch-free payment technology
CVS Pharmacy will offer customers a touch-free way to pay for items as the COVID-19 pandemic lingers and many customers seek a faster and safer way to shop. The company is the first national retailer to integrate PayPal and Venmo QR code technology in its checkout experience at all of its 8,200 standalone stores across the country. Through PayPal's partnership with payments technology company InComm, shoppers will be able to securely pay for their items without needing to touch a keypad or sign a receipt.
"In the midst of COVID-19, we have seen an incredible acceleration of digital payments and touch-free payments," said Mark Britto, executive vice president and chief product officer at PayPal. "Companies of all types and sizes are looking for ways to maintain the safety of their customers and employees, especially through touch-free experiences like curbside pickup and enhanced online shopping. QR codes complement these and provide retailers an additional payment method that furthers this touch-free mission and continues the growth of digital payments for all partners in the ecosystem. The essential nature of pharmacies makes CVS Pharmacy the perfect initial partner for PayPal and Venmo QR Codes – and we're proud to help their customers stay safe while purchasing what they need."
Using PayPal QR Codes brings the benefits of PayPal wallet into the store with shoppers – including the ability to pay using stored debit or credit cards, bank accounts, PayPal balance, or PayPal Credit. With Venmo QR Codes, customers can pay using their stored debit or credit cards, bank account, Venmo balance or Venmo Rewards. Additionally, PayPal does not charge fees to the customer when paying with PayPal or Venmo QR codes.
"PayPal and Venmo QR codes offer our customers a secure and touch-free way to complete their purchase with a payment brand they know and trust," said Jon Roberts, CVS Health executive vice president and chief operating officer. "This reflects our continued focus on innovation and finding new ways to help maintain the safety of our customers and employees."
PayPal and Venmo QR codes will roll out to CVS Pharmacies nationwide in the fourth quarter of 2020.
The integration with CVS Pharmacy is the first of a multi-year agreement between PayPal and InComm to bring acceptance of PayPal and Venmo QR Codes to retailers across the country. The agreement enables InComm to distribute PayPal QR Code technology through its cloud-based software updates, allowing retailers to quickly and easily integrate the touch-free payment technology into their point-of-sale terminals.
"In order to best serve our merchant partners during this unprecedented time, we have been exploring a wide variety of new and emerging payment technologies that could help them provide payment methods that abide by general social distancing guidelines," said Stefan Happ, InComm president. "Working with PayPal to deliver PayPal and Venmo QR Codes will help our retail partners serve the millions of consumers who use these innovative payment platforms."