Customers can now pay in store for prescription by scanning a barcode at the counter announced CVS Pharmacy. This system will be available inside the CVS app. Customer’s Credit card or Debit card will be used to back these transactions.
CVS Pay will be activated on all the 9600 stores nationwide later this year but as of now, the feature is available in New Jersey, Pennsylvania, Delaware and New York. The CVS’s proprietary barcode payment method is somewhat similar to the Starbucks customers used to pay for coffee as the company doesn’t support the Apple Pay or NFC-based payment methods. Analysts said for CVS to bring forward technology for more convenient in-store payments working with barcode technology is a faster way. CVS is just following the trend and there is absolutely nothing innovative in this process as it is not a big deal to put a credit card in a wallet which is basically what the process is all about. Retailers like Walmart also has a payment method similar but in the case of barcodes, it uses QR codes.
In order to cut out the card processing cost that merchants paid to banks, the Merchant Customer Exchange, which was designed to process mobile payments electronically through bank accounts and not credit cards CVS was working with Walmart and a dozen other retailers.