PayPal and InComm on Thursday (July 30) unveiled a QR code payment system that will enable touchless checkouts by PayPal and Venmo users with their mobile phones at brick-and-mortar stores.
CVS is the first retailer to sign on with the new touch-free payment system, with plans to roll it out in the fourth quarter at its 8,200 stand-alone stores… Under the new system, users of PayPal and Venmo (now a PayPal subsidiary) will be able to pay for items as they shop with a scan of a QR code that will be transmitted through their mobile app.
With the new touchless payment technology, PayPal users can draw upon their debit or credit cards, bank accounts, PayPal balance, or their PayPal Credit accounts as well. Venmo users have a similar set of options, including paying with their Venmo balance or Venmo Rewards accounts.
PayPal beat analyst expectations on both revenue and payment volume, reporting 60 million active Venmo accounts as well.