Global payments platform Fiserv is teaming up with PayPal and Venmo to introduce QR codes for payments at the checkout process.
Small and medium-sized businesses (SMBs) using the Clover point-of-sale (POS) platform, and big businesses on Fiserv’s Carat omnichannel commerce ecosystem, will now be able to accept PayPal and Venmo QR codes for payments.
“With consumer preference shifting towards touch-free interactions, it’s critical that businesses are able to connect physical and digital commerce,” Fiserv Head of Global Business Solutions Devin McGranahan said in a press release.
McGranahan added that by providing customers with contactless payment options like QR codes with PayPal and Venmo, companies are extending additional “convenience and choice” to people as they return to in-person shopping, in-restaurant dining and in-venue entertainment.
The partnership with PayPal and Venmo gives Fiserv additional contactless payment capabilities for businesses of all sizes and in all industries. The new options come at a time when customers are using more types of payment than ever before. The demand for contactless payments increased even more due to the global pandemic.
Merchants looking to meet customers’ demands for touch-free payments can find it’s a daunting process to support multiple options, especially with the fast-paced changes in the payments industry. Using a single platform to connect the myriad players can make it easier for eCommerce and physical retail operators to offer numerous payment options to their customers.
“The impact of Covid-19 on businesses of all sizes — especially small businesses — could not be understated. From shutting their physical doors to investing in omnichannel solutions their customers clamored for, we saw the resiliency in businesses as they navigated the pandemic,” said Frank Keller, senior vice president of commerce at PayPal.
Keller said expanding PayPal and Venmo QR codes “across an expansive physical footprint” helps smaller companies using Clover “prepare for an unknown future.”
He added that contactless payment technology “also drives customer loyalty, digital engagement and access to new customer segments.”
In a July 2020 interview with PYMNTS CEO Karen Webster, PayPal’s Jeremy Jonker said that the platform’s QR code May pilot in 28 markets worldwide is part of a global resurgence of QR code usage.
Fiserv’s Q4 and full-year earnings reported in February showed global eCommerce transactions were up 25 percent and the use of digital-first tools like BOPIS was up 125 percent over 2019.