Banking technology company Fiserv, which owns point-of-sale payment system Clover, entered into a partnership with PayPal to allow QR code payments using PayPal and Venmo apps at business checkouts.

Why should we care?
Over the past year, PayPal has been making a push for QR code payments using PayPal or (PayPal-owned) Venmo at physical checkouts. With the Fiserv partnership, small and medium-sized businesses that use Clover can accept payments via PayPal and Venmo through QR codes presented at the point of sale. Consumers will be able to initiate payments by scanning a QR code with their PayPal or Venmo app at a physical checkout, and they receive a digital receipt upon completion of the transaction. The Phoenix Suns Arena will be among the first venues to enable the capability. Both PayPal and Fiserv highlighted the necessity to enable more touch-free payment options during the pandemic, but the Clover launch will also likely help Venmo move beyond peer-to-peer payments and into more commercial use cases. “By scaling PayPal and Venmo QR codes across an expansive physical footprint that includes the hundreds of thousands of small entrepreneurs running their business through the Clover platform, we are helping these businesses prepare for an unknown future by enabling touch-free payment technology that also drives customer loyalty, digital engagement and access to new customer segments,” Frank Keller, senior vice president of commerce at PayPal, said in a statement.