- Discounts and rewards” are the foundation of PayPal Reward, based on Honey.
- PayPal Rewards has an in-app hub for tracking points on desktop and mobile devices.
- Points can be exchanged for “cash back and other rewards,” which appear to be more points.
- The Rewards programme will include PayPal Card products like the debit card at a later date.
Early in 2020, PayPal bought the developer of Honey, but didn’t really do much with it until now. Aspects of Honey will now form the basis for the new program, in a way appropriate called PayPal Reward.
As we approach the holiday shopping season, the business claims that its motive for the PayPal Rewards is to “assist individuals navigate high prices.”
Discounts and rewards
On desktop and mobile devices, PayPal Rewards now has a dedicated in-app hub where you can keep track of the points you earn. You may earn those points by using the official app or the Honey browser extension to look for deals.
It doesn’t seem like PayPal will be using Honey Gold, which offers additional savings on purchases, although customers who are a member of Honey Gold can link their account to PayPal and make use of those points on the new program.
Points can then be redeemed for “cash back and other rewards,” although it seems that these additional rewards are just more points added to your account.
The money will show up on your PayPal balance where it may be transferred to a bank account, paid to someone else via peer-to-peer payment, or donated to charity, according to a company official who explain that 100 points equal $1 USD.
When asked about increasing the PayPal Rewards worldwide, the same representative said there are no plans to grow at the moment. There are plans to put in PayPal Card products like the debit card into the Rewards program, but no date for that has been concluded.
The new program is presently rolling out to United States users, so we highly suggest updating your PayPal app if you’re interested.
When it comes to the future of online payment tech, it appears PayPal Rewards is seeing the writing on the wall: offering your customers deals and discounts. Apple saw this coming, too: when it updated its Pay app, and a Pay Later feature was added thereby giving people a new option for purchasing.
So rather than paying for something in full, you can just use the Pay Later to create a payment plan of your budget.
PayPal Rewards might give the long-running platform the edge it needs to overcome its competitors.