CVS Launches Its Own Mobile Payment Solution

August 11, 2016, Written By Bill Hardekopf
SANTA CLARITA CA/USA - MARCH 1 2015: CVS/pharmacy store front and sign. CVS Pharmacy is the second largest pharmacy chain in the United States.

CVS has launched its own mobile payment app. CVS Pay will allow customers to pay, pick up prescriptions and earn ExtraCare loyalty rewards. To use, customers simply need to scan a barcode in the CVS app.

The company said it created this app to minimize the number of steps a user had to take before completing a transaction. Before CVS Pay, customers had to either present their CVS rewards card or tell the associate their name and birthday, so their account information could be found. Then, they had to use another card to pay for the transaction.

Now, all of the information needed for prescriptions or payments, including name, birthdate, signature and PIN, will appear in the app, which can be secured with a user’s fingerprint. Once the barcode has been scanned, the customer will receive an in-app receipt.

The app will even work at drive-up windows. Customers won’t need to hand over their phone, but simply give the CVS associate a 5-digit code generated by the app.

“What we’re trying to do is provide real utility and solve real problems for customers using digital,” explains Brian Tilzer, CVS Health’s Chief Digital Officer. “With one scan, we’re taking away three or four extra steps that customers have lived with for a long time.”

When the company designed the app, they had pharmacy customers in mind, which is why the app allows users to store additional payment cards, including those linked to Flexible Spending or Health Spending accounts. From the app, customers will also be able to refill and manage multiple prescriptions and receive alerts when prescriptions are ready.

CVS Pay will be the first mobile payment system offered by the retailer, as the company does not support Apple Pay or any other NFC-based technologies.

Today, CVS Pay launched in New York, New Jersey, Pennsylvania and Delaware, and will be available nationwide by the end of the year. The app is available in the Apple iOS and Android stores.



The information contained within this article was accurate as of August 11, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.