CVS begins to accept Venmo and PayPal QR code payments

This week, pharmacy retailer CVS announced that customers can use Venmo and PayPal QR codes on their phones to pay for goods at stores.

Why should we care?
CVS is the first major national retailer to support Venmo and PayPal QR codes at checkout. The move allows PayPal-owned Venmo and PayPal platforms to anchor themselves into the physical retail ecosystem, and to sweeten the pie, Venmo is also offering cash back rewards based on transactional activity. It’s yet to be seen whether Venmo will see an uptick in usage due to the CVS collaboration, but the new convenience will help Venmo’s loyal customer base of more than 60 million get more invested in using the app. Placing Venmo at the center of retail transactions is a way for PayPal to monetize the popular peer-to-peer payments app. The move is also a win for CVS, which has seen a 43% uptick in use of touch-free payments since January. Paypal said several other large retailers have signed up with Venmo and PayPal, including Nike, Tumi, Bed Bath & Beyond, and Samsonite.