With the Honey acquisition as its foundation, PayPal is introducing a new rewards programme to assist users in locating and taking advantage of online discounts and savings opportunities.
Honey is an add-on for Google Chrome that searches for discount codes and coupons for your favourite online stores (and a popular YouTube channel sponsor). Early in 2020, PayPal acquired the company behind Honey, but they did not begin actively developing the product until today. Some features of Honey will form the basis for the new programme, which is called PayPal Rewards. To help customers “navigate high prices [as we head] into the holiday shopping season,” the company says PayPal Rewards was created.
Rewards and reductions
You can now monitor your PayPal Rewards points right in the mobile app or on your computer. You can earn those points by taking part in activities within the official app or by installing the Honey browser extension.
Customers who are already part of Honey Gold, which offers additional savings on purchases, can link their account with PayPal and use their points on the new programme. Points can be redeemed for “cash back and other rewards,” but it appears that those other rewards are simply more points added to your account.
We were informed by a company rep that 100 points are equivalent to one dollar. Once the funds have been added to your PayPal account, you can use them to pay for goods and services, send money to friends and family, or give to a cause of your choosing.
If you’re in the US and interested in the new programme, you should update your PayPal app as soon as possible. The same representative told us there are currently no plans to expand PayPal Rewards internationally. No timeline was provided for when PayPal Card products like the debit card would be available through the Rewards programme.
The Future of Digital Currency
The timing of PayPal Rewards’ release is intriguing, and not just because the season of giving is upon us. The company seems to have realised that offering discounts and promotions to customers is the way of the future when it comes to online payment systems. Apple anticipated this trend and updated the Pay app with a “Pay Later” option to give customers more flexibility when making purchases. Pay Later allows you to split the cost of an item over multiple payments, making it easier on your wallet than a one-time purchase.
Although Google recently re-released its Wallet app, it does not include a coupon or deal finder feature. In its place, it prioritises the comfort and safety of its users. With any luck, the long-running platform will finally have the competitive edge it needs thanks to PayPal Rewards.