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11/16/2020

CVS Embraces New Touch-Free Payments

Since January, CVS has seen a 43% increase in touch-free transactions.

CVS Pharmacy says that that its customers can now check out touch-free using PayPal and Venmo QR codes at 8,200 standalone retail locations.

These codes allow customers to securely pay for their items without needing to touch a keypad or sign a receipt, while also being able to access multiple payment methods available in PayPal and Venmo wallets.

The merchant says this 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 is reporting they're using a digital payment method for the first time as a result of the pandemic. New research from PayPal* 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."

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.