CVS shoppers will now be able to use either PayPal or Venmo QR codes to pay for their goods at the checkout.
PayPal is rolling out the additional payment option at over 8,000 CVS stores, making it the first retailer to offer the service. All customers need to do on arrival at the checkout is to launch their PayPal or Venmo app, press the ‘Scan’ button and select the ‘show to pay’ option.
The new service has been made possible due to PayPal’s partnership with InComm, which provides the QR payment technology. It recently completed updates to the CVS point of sale infrastructure via a series of cloud-based software upgrades.
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Aimed at offering shoppers a great degree of touch-free convenience, funds for payments are taken from a PayPal or Venmo customer account balance, their bank account or via a debit or credit card.
Using the new payment method will be fee-free, while customers who are members of the CVS rewards program will be able to redeem rewards and apply loyalty savings as before. CVS, like every other retailer, is seeing an increase in demand for contactless or touch-free payment options at the checkout, particularly in light of the coronavirus pandemic.
Digital payments
Indeed, CVS has revealed that demand for touch-free transactions has increased 42% since January of this year according to research by Forrester. Consumers are also moving towards digital payments at the checkout, with 11% of the US population stating that they’re trying out new methods to pay. Crucially, PayPal research has found that 57% of consumers now look closely at the digital payment methods being offered by retailers.
CVS might be the first to get PayPal’s QR code checkout option, but will be followed by other retailers. In yesterday’s announcement PayPal said that it has already signed up 10 other major retailers, including Nike and Samsonite. Around 100 other big US chains are in talks with PayPal about utilizing the contactless payment option in the near future.
In other PayPal news, the company has also completed the live rollout of its Pay in 4 service. Available through millions of retailers, the service allows consumers to split the cost of purchases across a series of installments. PayPal recently took the covers off a similar Pay in 3 initiative for the UK market, allowing customers added convenience when it comes to paying for goods.
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- Via: TechCrunch
