PayPal has struck a deal with CVS Pharmacy to offer the ability to check out using PayPal’s payment services, including both PayPal and Venmo, at the register. The company announced this morning CVS will become the first nationwide retailer to allow customers to pay using either their PayPal or Venmo QR code at the register, without fees. The payment will pull from funds available in the customer’s existing account balance, bank account or from their debit or credit card, just as it would online. Venmo users will additionally have the option to pay with their Venmo Rewards.
CVS has committed to rolling out the technology across 8,200 U.S. stores in the fourth quarter of 2020.
PayPal introduced its new QR Code technology for buyers and sellers in 28 markets around the world in May.
The company described the offering as a way to make it safer for buyers and sellers to transact in person amid the coronavirus pandemic. Instead of having to hand over a payment card to be swiped or read, buyers could complete a transaction by aiming their smartphone camera at a QR Code that was either printed out or presented on the seller’s screen, for a touch-free way to pay.
Did you know cashless payments benefit consumers and businesses?
The Strawhecker Group (TSG) has prepared an insightful infographic to explain the immense value both businesses and consumers get when cashless payments are used (debit and credit cards, Apple Pay, etc.).
COVID-19 has made consumers rethink how they pay out of fear of touching cash. Now more than ever, it is important to explain the benefits of cashless payments to consumers, as well as the businesses they visit. A recent TSG survey shows that nearly half of small businesses that accept cashless payments have seen consumers using or asking for these methods more often since the COVID-19 pandemic started.
So, you tell us – is the juice worth the squeeze?