PayPal and Venmo QR Code exits come to 8,200 CVS stores in Q4

PayPal has entered into an agreement with CVS Pharmacy to provide testing capabilities to use PayPal payment services, including PayPal and Venmo, in the register. The company announced this morning CVS will promote first-time buyers across the country to allow a customer to pay using their PayPal or Venmo QR code on the register at no cost. The fee will be deducted from the balance of the balance of the remaining customer account, bank account, or your bank or credit card, just as it may be online. Venmo users will further have the option to pay with their Venmo prizes.

CVS is committed to delivering technology to 8,200 U.S. stores in the fourth quarter of 2020.

PayPal unveiled its new QR Code technology for buyers and sellers in 28 markets worldwide in May.

The company has described the donation as a way to make it safer for consumers and retailers to enter the coronavirus in person. Instead of handing over a payment card for deletion or reading, consumers can complete a transaction by scanning their smartphone camera on a printed QR Code or displayed on the merchant screen, as a free touch.

The CVS agreement builds on existing technologies, but also imitates large retailers, nationally.

Image Credits: PayPal

The new CVS test information was made available through a partnership between PayPal and PayCal technology providers, which describes PayPal as “the first of a multi-year agreement” between the two payment technology companies. The agreement allows InComm to distribute PayPal QR Code technology through its cloud-based software, which will make the opt-out feature available to merchants directly at their retail locations.

The type of PayPal relationship with InComm’s plan for this agreement is much larger than a single merchant. However, PayPal has not officially announced which other vendors are in the pipeline.

Commented on, PayPal told TechCrunch that active negotiations with more merchant partners enable this way out without touching their stores.

This is not the first time PayPal has tried to bring its payment technology to the register.

Its first combination of bricks and mortar came back in 2012 with Home Depot. Shortly thereafter, PayPal expanded into 15 global retailers, including names like JC Penney, Office Depot, Access rooms, Lock Locker, Barnes & Noble, and others, in partnership with the last point makers. -of-sale, and partnered with POS software firm AJB. It has also launched a number of partnerships, including those offering iPad POS Revel Systems solutions and NCR-enabled hardware.

PayPal also introduced a program to encourage merchants to switch to PayPal services, in their battle with Square. Recently, PayPal bought the IZettle, “Square of Europe,” to find its location on sale.

Despite its development, PayPal has still lost the lead in the in-person payment space in Apple Pay. In November 2019, Apple said its Apple Pay transaction exceeded $ 3 billion of its Q3 revenue, surpassing PayPal. Overall, Paypal is still ahead of Apple Pay in the digital payment platform, but analysts have warned that Apple Pay is one of the long-term competitive threats to PayPal’s business.

PayPal, in other words, should get a solid foundation in the register. It also sees the epidemic as a good time to roll out its payment technology without touch.

“We know that in the current environment, buying and selling goods in a healthy, safe and secure way is the mindset of most people around the world. With the outbreak of the coronavirus epidemic, we have seen an increase in the demand for digital payments to shift to new and more secure solutions for people and situations, ”said John Kunze, PayPal of Branded’s Vice President, also in a statement. “Our issuance of QR codes to buyers and sellers includes security, security and c