PayPal Launches a new rewards program to help people find deals online and save money while acquiring Honey at its core.
Honey is a browser extension that searches the internet for deals, promotional codes or coupons for online retailers (and a popular YouTube channel sponsor). PayPal bought the developer behind Honey (Opens in a new tab) Back in early 2020, but haven’t done much with it until today. now with Aptly Named PayPal Rewards (Opens in a new tab)Aspects of honey will serve as the basis for the new programme. The company states that the motivation behind PayPal Rewards is to help people “become high prices [as we head] In the holiday shopping season.”
Discounts and rewards
PayPal Rewards has been given its own in-app status on mobile and desktop where you can keep track of the points you collect. These points can be earned either by transacting with the official app or using the Honey browser extension to find discounts.
In return, the points can be exchanged for “cashback and other rewards”. However, it appears that these other rewards are simply more points added to your account. It doesn’t look like PayPal will be used gold honey (Opens in a new tab), which provides additional savings on purchases. Speaking of which, customers who are part of Honey Gold can link their account to PayPal and use those points in the new program.
A company representative told us that 100 points equals $1. This money will appear in your PayPal balance where it can be transferred to a bank account, sent to someone else via peer-to-peer payment, or donated to charities.
The new program is currently rolling out to users in the US, so we highly recommend updating the PayPal app if you’re concerned. When asked about expanding PayPal Rewards globally, the same representative told us that there are no plans to grow at the moment. There are plans to include PayPal Card products such as the Debit Card in the rewards program, but no date has been set for that.
The future of online payment
The launch of PayPal Rewards comes at a really fun time, and it’s not because of the holiday season. The company seems to see the writing on the wall when it comes to the future of online payment technology: providing your customers with deals and discounts. Apple saw this coming too: when She reactivated her Pay appAnd the It included a Pay Later feature that gives people a new option to buy. Instead of paying for something in full, you can use Pay Later to create a more budget-friendly payment plan.
Google also recently brought back the old Wallet app (Opens in a new tab), but did not add any tool to find the opponent. Instead, it focuses more on providing comfort and safety. Perhaps PayPal Rewards will give the long-term platform the edge it needs over its competitors.
If you are looking for an alternative to PayPal, we recommend checking out List of TechRadar Money Transfer Apps for 2022And the which was recently updated.