CVS becomes the first retailer in the US to allow customers use PayPal and Venmo QR codes for checkout payments.
The move lets consumers pay for orders without touching a keypad or signing a receipt for contactless shopping, which has become popular amid the coronavirus pandemic.
Users open either PayPal or Venmo on their smartphone, click ‘Scan’ and select the ‘show to pay’ option.
PayPal notes that consumers that opt to use the service will not be charged additional fees and can still apply savings from their CVS ExtraCare card.
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CVS becomes the first retailer in the US to allow customers use PayPal and Venmo QR codes for checkout payments. The move lets consumers pay for orders without touching a keypad or signing a receipt for contactless shopping, which has become popular amid the coronavirus pandemic
CVS and PayPal announced the partnership in July, along with plans to launch the service.
On Monday, CVS is now the first national retailer to integrate PayPal and Venmo QR code technology in its checkout experience at all of its 8,200 locations.
Jon Roberts, Executive Vice President and Chief Operating Officer at CVS Health, said: ‘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.’
‘Introducing more digital options, including touch-free payments at the register, is in step with changing consumer preferences.’
Users open either PayPal or Venmo on their smartphone, click ‘Scan’ and select the ‘show to pay’ option
PayPal customers will be able 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 Credit Card for eligible customers.
CVS has seen a 43 percent increase in touch-free transactions since January and according to research conducted by Forrester, 11 percent of Americans say they are using a digital payment method for the first time as a result of the pandemic.
A separate study conducted in September backs up these claims, as more than half of the US population is all for ditching paper currency for digital payment systems.
The research found 58 percent of participants plan to make the shift once the coronavirus pandemic is over, but one in three said they no longer use physical money due to health concerns.
The research found 58 percent of participants plan to make the shift once the coronavirus pandemic is over, but one in three said they no longer use physical money due to health concerns.
While convenience and safety have fueled the shift overall, more recently the coronavirus has led many to re-evaluate using bills and coins.
Half of the people TCU spoke with are using less cash than they were prior to the pandemic, and 60 percent do not think they will go back to using it regularly when it ends.
