PayPal has announced a new rewards program – PayPal Rewards – that is designed to help shoppers save money, earn more cash back, track spending, and more – all in one app.
In 2019, PayPal acquired Honey, the app and browser extension geared toward offering online shoppers coupons and extra savings on their orders. Now, the company is merging the two even further, and putting all rewards and money-saving options under one umbrella – PayPal Rewards.
With PayPal Rewards, shoppers will earn cash back and rack up rewards points on their PayPal accounts when shopping at participating retailers – among several other ways to earn rewards. PayPal Rewards will then keep track of all transactions, rewards points, and savings opportunities.
“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 cashback, discount codes, or other rewards.”
Saving more money
PayPal Rewards comes with a new set of benefits that are all geared toward making it easier for consumers to earn rewards and ultimately save more money. By having everything in one spot, shoppers can easily see their savings options, cashback balances, and available discounts.
Now, in addition to earning points through purchases made at participating stores, PayPal users can earn rewards points by completing tasks in the app. Something as simple as linking your bank account to your account or making a certain number of purchases through PayPal can earn you points that can be turned into cashback.
For consumers who have credit cards that earn them points on purchases, using that as your payment method when also using PayPal Rewards will let you stack rewards and save even more.
Tracking rewards
PayPal also made it easier to keep track of discounts, rewards, and cashback earnings. The new platform has a rewards section on the app, which automatically tracks all purchases and subsequent rewards. Users can retrieve their rewards either through cashback or use them towards future PayPal purchases.
Shoppers will also earn points regardless of how they choose to shop. Whether that’s through the Honey browser extension, or on the PayPal app, the ability to earn and redeem rewards will remain consistent.
PayPal Rewards is now up and running, so consumers can start saving money and earning rewards immediately. For those who previously used Honey Gold to earn rewards and save money, that platform will transition into PayPal Rewards; users will be prompted to either create a new account or link to an existing PayPal account to start the new rewards process.