CVS Launches its Own Mobile Payment System
CVS Health has launched its own mobile payments solution that will allow customers to pay for products, pick up prescriptions, earn loyalty rewards, as well as pay – just by scanning the barcode in the CVS mobile app. CVS aims to eliminate the number of steps it takes today to complete a checkout, which today is a very manual process. Currently, customers have to either present their physical CVS rewards card at the register or say their name and birthday in order for the store associate to look up their account information. Then, after their purchases and prescriptions are run up, they have to pay. Now, all the verifications for the prescriptions and the payment – including name, birthdate, signature and PIN – will take place in the app.
Total Retail's Take: Ease of checkout is becoming more critical for brick-and-mortar retailers as they compete with online retailers for customers. Making the in-store experience as quick and easy for consumers is a top priority for traditional retailers, including CVS, as they compete with the Amazons of the world. Integrating mobile into the in-store experience, including for payments, is a logical step in that direction.