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CVS Pharmacy Adds Paypal Holdings Inc (NASDAQ:PYPL) And Venmo QR Code Payment Modes

Paypal Holdings Inc (NASDAQ:PYPL) entered a CVS Pharmacy pact to provide PayPal and Venmo QR Codes at Checkout. CVS Pharmacy now becomes the first retailer to offer both the payments to the users without any fee.

Pulls funds from existing accounts

Paypal will pull the funds from the user’s credit/ debit card, the bank account, or the existing account balance. The users of Venmo can also pay at CVS Pharmacy using their Venmo Rewards.

Rolls out new technology in Q4 2020

CVS Pharmacy will introduce new technology to accept payments in Q4 2020 in its 8,200 stores across the US. PayPal already unveiled new QR code technology for sellers and buyers worldwide in May 2020 in 28 markets.

It is a safe payment mechanism for both sellers and buyers amid ongoing COVID-19 pandemic. The customers can pay the amount by just reading the QR code using their mobile phones. It eliminates the need to hand over or swipe the card at POS of the merchant and prevent fraud. The new technology also prevents catching coronavirus by sharing cards physically.

PayPal is introducing an innovative payment mechanism at CVS Pharmacy Checkout in alliance with InComm, a payment technology provider. As per the terms of the multiyear deal with PayPal, InComm will distribute the QR Code of PayPal by issuing software updates through its cloud. Therefore, retailers can seamlessly use PayPal QR Code payment at POS Seamlessly. PayPal is in discussions with other merchants for enabling touch-free checkout facilities at their retail outlets.

CVS Health Corp (NYSE:CVS) will conduct a conference call on August 5, 2020, with investors and analysts to discuss Q2 2020 financial results.

Unveils Time for Care

CVS Health introduced a campaign ‘Time for Care’, giving importance to primary healthcare access. Several people in the US are staying at home to prevent catching coronavirus and stay healthy and safe. However, they need to get critical care at home for a healthy living.

CCHO of CVS Health, Garth Graham said it is committed to providing essential care to people staying at home to prevent deterioration of health conditions like heart disease, high blood pressure, and diabetes. It’s Time for Care campaign is aimed to send a message to everyone at home to take precautions while preventing the spread of coronavirus.