CVS Pharmacy is First National Retailer to Offer Touch-Free Payments Through PayPal And Venmo

Rhea-AI Summary

CVS Pharmacy has integrated PayPal and Venmo QR codes for touch-free payments at 8,200 standalone locations, enhancing customer safety and convenience. This initiative, first announced in July, enables secure transactions without the need for keypads or signatures. Since January, touch-free transactions have surged by 43%. Research indicates that 57% of consumers consider digital payment options when choosing where to shop, with 34% avoiding stores that lack QR payment capabilities. CVS aims to cater to evolving consumer preferences and ensure a seamless shopping experience during the pandemic.

Positive

• Integration of PayPal and Venmo QR codes for touch-free payments at 8,200 locations.
• 43% increase in touch-free transactions since January.
• 57% of consumers influenced by digital payment options when shopping.
• Existing customers can quickly sign up for QR code payments.

Negative

• None.

WOONSOCKET, R.I., Nov. 16, 2020 /PRNewswire/ -- CVS Pharmacy, the retail division of CVS Health (NYSE: CVS), today announced that 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.

Using the QR codes allows customers to securely pay for their items without needing to touch a keypad or sign a receipt.

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 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."

"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.

This year CVS Pharmacy accelerated the availability of innovative digital and mobile options for customers. In addition to expanding at-home delivery services and establishing marketplace partnerships with InstaCart and DoorDash, the retailer added new features to the CVS mobile app. From an updated user interface to more app-only rewards, the additions make it easier for ExtraCare members to use contactless coupons and loyalty program rewards, and scan product barcodes to easily find savings.  

Find the closest CVS Pharmacy location by visiting www.cvs.com/store-locator. Customers can sign up for PayPal at www.paypal.com or by downloading the PayPal app, and can sign up for Venmo by downloading the Venmo app.

*About the research
The research was conducted by PYMNTS and commissioned by PayPal. It examines survey data collected from 2,163 U.S. consumers between June 22 and June 24, 2020. The report summary is supplemented by findings from a series of studies conducted by PYMNTS since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues.

About CVS Pharmacy
CVS Pharmacy, the retail division of CVS Health, is America's leading retail pharmacy with nearly 10,000 locations, including over 1,700 pharmacies inside of Target and Schnucks grocery stores. We are committed to delivering innovative health solutions that create a simpler, more accessible experience for patients, customers and caregivers. CVS Pharmacy is the only national pharmacy to remove tobacco products from its shelves and has taken a leadership role in responding to the COVID-19 pandemic by making testing available at locations across the United States. For the latest product and service offerings, visit www.cvs.com or download the CVS Pharmacy app.

About PayPal
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 350 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.

Contacts
CVS Media Relations Contact
Matthew Blanchette
matthew.blanchette@cvshealth.com  

PayPal Media Relations Contact 
Tom Hunter
thhunter@paypal.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/cvs-pharmacy-is-first-national-retailer-to-offer-touch-free-payments-through-paypal-and-venmo-301173221.html

SOURCE CVS Pharmacy

FAQ

What new payment options has CVS introduced for customers?

CVS has introduced touch-free payment options using PayPal and Venmo QR codes at 8,200 standalone locations.

How many CVS locations are offering touch-free payments?

Touch-free payments are now available at 8,200 CVS standalone locations.

What percentage of touch-free transactions has CVS experienced since January?

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

Why are digital payment options important for CVS customers?

Digital payment options are important as 57% of consumers say they influence shopping decisions, with many avoiding stores without QR payment capabilities.

When was the partnership with PayPal and Venmo first announced?

The partnership with PayPal and Venmo was first announced in July.