CVS Becomes First Retailer To Introduce PayPal QR Codes At Checkout

CVS will become the first retailer to introduce PayPal QR code technology at checkout in its 8,200 stores across the United States.

The retailer intends to roll out the technology in the fourth quarter of 2020.

The partnership with CVS was partly made possible by PayPal’s agreement with payment technology provider InComm which allows the company to distribute PayPal and Venmo QR codes directly to retailers on their point of sale terminals.

This removes the need for retailers to take on the task of integrating a new payment method with their existing infrastructure. 

By scanning the QR code, the customer will be able to complete in person transactions using their existing PayPal or Venmo account balance or from a linked bank account or payment card without the need to touch a keypad or present a payment card.

Several other platforms have recently introduced QR codes as a contactless payment option.

Amazon Pay launched Smart Stores in India, which allows customers to scan a store’s QR code through the Amazon app.

While last month Apple previewed its new App Clips feature which will allow users to complete transactions like ordering takeout or paying for parking using NFC tags or QR codes.

For more information, visit www.researchandmarkets.com

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