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 standalone 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 chief operating officer 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, Senior Vice President Head of Consumer In-Store and Digital Commerce, PayPal. “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.”
To use the new touch-free payment option at CVS Pharmacy, customers simply open either the PayPal or Venmo mobile app and click the “Scan” button and selecting 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. Additionally, PayPal does not charge fees to the customer when paying with PayPal or Venmo QR codes and those enrolled in CVS’ ExtraCare Rewards Program will still be able to redeem and apply savings using their ExtraCare account when checking out with PayPal or Venmo QR codes.