PayPal Introduces A Consolidated Rewards Programme
PayPal Holdings, Inc. (NASDAQ: PYPL) today announced the launch of PayPal Rewards, a new unified points programme that enables consumers to purchase, earn, monitor, save, and redeem rewards and offers in a single location on their PayPal app.
As customers continue to manage high pricing in advance of the Christmas shopping season, bargains, discounts, and cash back remain top considerations, with 25% of consumers claiming that loyalty programmes are the most significant element in determining where to shop1. PayPal Rewards is a pervasive rewards programme that allows users to earn PayPal Rewards points and save money through cash back and discounts at partner businesses. PayPal Rewards will expand upon the almost $200 million PayPal customers have already saved this year via cash back and discounts offered by PayPal Honey2.
“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,” said Greg Lisiewski, Vice President of Shopping and Global Pay Later. “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.”
PayPal Rewards consists of:
Customers may combine rewards earned across several PayPal products and buying experiences, including PayPal Honey browser extensions, the PayPal app, and, in the future, various card products.
Designated Incentives Location: Rewards will now reside in a new section of the PayPal app, making it easy to monitor and spend rewards earned across a variety of PayPal products and purchasing experiences.
Customers will be able to earn PayPal Rewards points via a number of methods, including customised interaction with the PayPal app and the use of the PayPal Honey browser plugin to locate savings. The ability to redeem points for cash back and other prizes. When utilising a reward-earning payment card to make transactions with PayPal, the benefits of PayPal Rewards may be enhanced.
More Redemption Options: Customers will have the ability to redeem rewards points throughout the PayPal ecosystem, such as for cash back or at PayPal checkout, without category limits or minimum redemption amounts. Once redeemed for cash back into their PayPal balance, the money may be transferred to their connected bank account, placed into their PayPal Savings account3, given to charity, or sent via the P2P feature.
With the launch of PayPal Rewards, Honey Gold will transform into PayPal Rewards points. Customers will have the opportunity to create or connect an existing PayPal account and will immediately begin to benefit from this new integrated experience, which will provide them with more methods to redeem their rewards points.
Today, PayPal Rewards will roll out to U.S. consumers.
IDC, Consumer Sentiment Survey, 2022: Results and Implications, Document Number: US49621522, August 2022
Analysis of PayPal internal data from January to September 2022
PayPal is not a bank, but a financial technology corporation. Synchrony Bank, Member FDIC, provides several banking services. A PayPal Balance account is needed to access PayPal Savings.
