PayPal Holdings, Inc. (NASDAQ: PYPL) announced on Thursday CVS Pharmacy will be the first national retailer to integrate PayPal and Venmo QR code technology in its checkout experience at all of its 8,200 standalone stores across the country.
PayPal reported that using PayPal QR Codes brings the benefits of PayPal wallet into the store with shoppers, which includes the ability 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 Rewards. Additionally, PayPal does not charge fees to the customer when paying with the PayPal or Venmo QR codes.”
While sharing more details about the service, Jon Roberts, Executive Vice President and Chief Operating Officer of CVS Health, stated:
“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.”
PayPal and Venmo QR codes will roll out to CVS Pharmacies nationwide in the fourth quarter of 2020.