The purchase process will involve scanning QR codes on mobile devices, CVS stated in the release. Loyalty program discounts will be automatically applied to purchases at the time of sale.
Customers will be able to pay for the transactions by drawing against balances in PayPal or Venmo accounts or by drawing on bank accounts, debit cards or credit cards linked to a PayPal or Venmo account.
"The partnership ... makes CVS Pharmacy the first national retailer to integrate PayPal and Venmo QR code technology in its point-of-sale experience at all standalone locations across the country," the release stated.
"Putting our customers' safety at the forefront of our innovations, we’ve focused resources on finding new ways to make customers’ lives easier and more convenient," Jon Roberts, executive vice president and chief operating officer at CVS Health, the parent company of CVS Pharmacy, said in the release. "Introducing more digital options, including touch-free payments at the register, is in step with changing consumer preferences."
PayPal Senior Vice President Head of Consumer In-Store and Digital Commerce Jeremy Jonker said in the same release: "The launch of PayPal and Venmo QR codes in CVS Pharmacy stores will not only provide health-conscious customers with a touch-free way to pay at checkout, but also brings the safety and security of PayPal and Venmo transactions into the store with shoppers. We are thrilled that PayPal and Venmo QR codes will help to maintain the safety of CVS customers and employees, especially in the essential pharmacy retail environment as we go into the winter months."
According to the release, contactless purchases at CVS stores have increased 43 percent since January. The trend has played out throughout the developed world and has given QR codes a new lease on life.
PayPal's Jonker told PYMNTS in July that QR code use adoption was one way PayPal was working to encourage its customers to increase their patronage of small and medium-sized businesses (SMBs).
PayPal over the summer launched QR code payment programs in Australia, Austria, Belgium, Canada, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovenia, Slovakia, Sweden, Switzerland, Spain, the United Kingdom and the United States.