Paypal Holdings (PYPL) And CVS Health Sign Major Partnership

By Amit Chowdhry ● July 31, 2020
  • Paypal Holdings Inc (NASDAQ: PYPL) And CVS Health Corp (NYSE: CVS) have announced that CVS Pharmacy will be the first national retailer to integrate PayPal and Venmo QR code technology within its checkout experience

Paypal Holdings Inc (NASDAQ: PYPL) And CVS Health Corp (NYSE: CVS) have announced that CVS Pharmacy will be the first national retailer to integrate PayPal and Venmo QR code technology within its checkout experience at all of its 8,200 standalone stores across the country.

Through PayPal’s partnership with payments technology company InComm, CVS shoppers will be able to securely pay for products without needing to touch a keypad or sign a receipt.

With PayPal QR Codes, it brings the benefits of PayPal wallet into the store with shoppers including the ability to pay using stored debit or credit cards, bank accounts, PayPal balance, or PayPal Credit. And with Venmo QR Codes, customers can pay using their stored debit or credit cards, bank account, Venmo balance, or Venmo Rewards. Plus PayPal does not charge fees to the customer when paying with the PayPal or Venmo QR codes.

The PayPal and Venmo QR codes will roll out to CVS Pharmacies nationwide in the fourth quarter of 2020.

PayPal Signs A Multi-Year Deal With InComm

The integration with CVS Pharmacy is the first of a multi-year agreement between PayPal and InComm for bringing acceptance of PayPal and Venmo QR Codes to retailers across the country. And the agreement enables InComm to distribute PayPal QR Code technology through its cloud-based software updates thus allowing retailers to quickly and easily integrate the touch-free payment technology into their point-of-sale terminals.

KEY QUOTES:

“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.”

— Mark Britto, Executive Vice President and Chief Product Officer at PayPal

“PayPal and Venmo QR codes offer our customers a secure and touch-free way to complete their purchase with a payment brand they know and trust. This reflects our continued focus on innovation and finding new ways to help maintain the safety of our customers and employees.”

— Jon Roberts, Executive Vice President and Chief Operating Officer of CVS Health

“In order to best serve our merchant partners during this unprecedented time, we have been exploring a wide variety of new and emerging payment technologies that could help them provide payment methods that abide by general social distancing guidelines. Working with PayPal to deliver PayPal and Venmo QR Codes will help our retail partners serve the millions of consumers who use these innovative payment platforms.”

— Stefan Happ, President at InComm