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CVS to introduce PayPal and Venmo QR code payments

US retail giant CVS Pharmacy is set to roll out PayPal and Venmo QR code technology at all of its 8200 stores

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CVS to introduce PayPal and Venmo QR code payments

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

From the fourth quarter, shoppers will be able to scan a QR code on their phones to pay using stored debit or credit cards, bank accounts, PayPal balance, PayPal Credit, Venmo balance or Venmo Rewards.

The integration with CVS Pharmacy is the first of a multi-year QR code agreement between PayPal and InComm, which will distribute the technology through its cloud-based software updates, allowing retailers to integrate it into their point-of-sale terminals.

"In the midst of CovidD-19, we have seen an incredible acceleration of digital payments and touch-free payments," says Mark Britto, chief product officer, PayPal.

He continues: "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."

News of the deal comes as PayPal reports strong second quarter results, with revenues up 22% to $5.26 billion and net income of $1.5 billion as the firm cashed in on the rise of digital payments and e-commerce during the pandemic.

The company added 21.3 million active new accounts during the quarter and processed $222 billion in payment volume. Meanwhile, Venmo processed $37 billion, a 52% rise on Q2 2019.

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