CVS to launch contactless payment with PayPal
CVS Pharmacy will become the first national retailer to integrate PayPal and Venmo QR code technology in its checkout experience.
The retailer will offer the contactless payment option 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.
Using PayPal QR codes, customers can leverage PayPal wallet features in CVS stores, 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 the 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, executive VP and COO, CVS Health. "This reflects our continued focus on innovation and finding new ways to help maintain the safety of our customers and employees."
"In the midst of COVID-19, we have seen an incredible acceleration of digital payments and touch-free payments," said Mark Britto, executive VP and chief product officer, 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."
CVS Pharmacy will roll out PayPal and Venmo QR codes to stores 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 integrate the touch-free payment technology into their POS terminals.