PayPal Holdings (NASDAQ:PYPL) introduced a new rewards program PayPal Rewards for its PayPal app today.
The rewards program makes it easier for customers to shop, earn, track, save and redeem awards specifically from its application. It also connects merchant offers, cash back savings and shopping products.
“With the financial challenges people face these days, brought on by rising prices and the need to tighten budgets, it can be frustrating to shop for everyday essentials or plan for the holidays. PayPal Rewards makes it easy to find sales, discounts, and great deals when making a purchase with PayPal – through cash back, discount codes, or other rewards,” said Greg Liseiwski, vice president and shopping and global pay later at PayPal.
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PayPal Rewards
The holiday season is right around the corner and 25 per cent of consumers have stated that loyalty programs are the most important factor in their decision making of where to shop. PayPal’s new program allows customers can get points and save money through cash back and discounts. It’s building upon the USD$200 million in savings PayPal Users have already saved this year through the company’s existing PayPal Honey cash back and discounts program.
Here’s what the new rewards program offers:
- One, Unified Rewards Program Across PayPal. Customers can combine rewards they get over multiple PayPal products. These include the PayPal Honey browser extension and the app, any card products the company puts out in the future.
- Designated Rewards Destination. Rewards are easier to track now because they’re being housed in a different part of the app.
- More Ways to Earn. New ways to earn rewards, including personalized engagement with the app, and using the PayPal Honey extension to find discounts. Points can be redeemed for cash and other rewards. The rewards program will also provide a greater benefit when using a reward earning payment card to make purchases using the application.
- More Ways to Redeem. More flexibility to redeem points without category restrictions or minimums throughout the ecosystem. Once points are redeemed for cash, the funds can be transferred to their bank account, put into a PayPal savings account, donated to charity or sent using P2P.
Honey Gold will transition over to the new rewards program the program is introduced. Customers can now set up or link an existing account.
PayPal Rewards will start rolling out to U.S. customers today.
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February 20, 2023 at 10:44 pm
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