BROOKFIELD, Wis.–Fiserv said it has made a number of moves to enable businesses of all sizes across a range of industries to support in-demand digital payment options and to expand their touch-free payment capabilities via a new relationship with PayPal.
The company said small and mid-sized businesses using Clover and large enterprises leveraging the Carat omnichannel commerce ecosystem from Fiserv will be able to accept payment via PayPal and Venmo through QR codes presented at the point of sale. Consumers will be able to initiate payment by scanning the QR code with their PayPal or Venmo app, and will receive a digital receipt, Fiserv added.
“With consumer preference shifting towards touch-free interactions, it’s critical that businesses are able to connect physical and digital commerce,” said Devin McGranahan, head of Global Business Solutions at Fiserv. “By enabling consumers to pay digitally via a QR code and popular digital wallets like PayPal and Venmo, businesses are providing added convenience and choice as in-person shopping, dining and entertainment experiences resume.”
Fiserv added that consumers have become comfortable with using a myriad of payment options in their daily lives and an increasing number want to use their preferred payment methods for purchases at the point of sale.
Increased Awareness
The COVID-19 pandemic has also raised awareness of and driven a demand for touch-free payment options, Fiserv added.
“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. “By scaling PayPal and Venmo QR codes across an expansive physical footprint that includes the hundreds of thousands of small entrepreneurs running their business through the Clover platform, we are helping these businesses prepare for an unknown future by enabling touch-free payment technology that also drives customer loyalty, digital engagement and access to new customer segments.”
Fiserv added touch-free payment capabilities will play a highly visible role as people and businesses get back to a new normal, including the return to sports and entertainment venues.