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CVS to Use PayPal And Venmo For Touch-Free Payment Technology

PayPal Holdings, which owns PayPal and Venmo, announced Thursday, July 30, that CVS Pharmacy will be the first national retainer to integrate Paypal and Venmo QR code technology.

As the pandemic has caused an increased interest in touch-free payment, shoppers will be able to securely pay for their items without needing to touch a keypad or sign a receipt.

According to Executive Vice President and Chief Product Officer of Paypal, Mark Britto, “In the midst of COVID-19, we have seen an incredible acceleration of digital payments and touch-free payments.”

“Companies of all types and sizes are looking for ways to maintain the safety of their customers and employees, especially through touch-free experiences like curbside pickup and enhanced online shopping. QR codes complement these and provide retailers an additional payment method that furthers this touch-free mission and continues the growth of digital payments for all partners in the ecosystem. The essential nature of pharmacies makes CVS Pharmacy the perfect initial partner for PayPal and Venmo QR Codes – and we’re proud to help their customers stay safe while purchasing what they need.” he added.

PayPal and Venmo users can pay with money that’s already in their account instead of having to pay with a credit card, and Venmo users can also use Venmo Rewards to pay for items, all “without needing to touch a keypad or sign a receipt.”

PayPal Holdings and InComm, a payment technology company inked a multi-year agreement to bring PayPal and Venmo QR code technology to retailers, with CVS being the first to sign on.

InComm will distribute the QR code technology through its cloud-based software updates to allow retailers to “quickly and easily” integrate the touch-free payment technology into their checkout process.

CVS says the new QR codes will arrive at 8,200 of its US stores in the fourth quarter of 2020 and to help people “stay safe” while buying essentials during the pandemic.