PayPal is debuting a new rewards program that combines Honey shopping discounts with other ways to earn credit in time for the holidays.
With unified rewards programs, PayPal Holdings Inc. debuted PayPal Rewards, which gives customers an easy way to use rewards in the app, Fine Extra writes.
PayPal Merges Honey Discounts And Other PayPal Perks
PayPal announces that the merchant app is introducing a new rewards program that lets customers shop, earn, track, save, and redeem rewards and offers in one place.
PayPal rewards will integrate offers, cashback savings, and shopping products into one experience when checking out with the app.
Tech Crunch reports that the new program will replace "Honey Gold," which is a Honey browser extension rewards program.
As a rewards program, PayPal's partnership with Honey entices users through promo codes and coupons from retailers for better prices and personalized deals.
"PayPal Rewards makes it easy to find sales, discounts, and great deals when making a purchase with PayPal," Vice President of Shopping and Global Pay Later Greg Lisiewski says.
PayPal rewards also offer customers card products that have redeemable points, which can be converted at a rate of a dollar for 100 points.
According to Tech Crunch, once the cash is redeemed, it can be transferred and deposited to a linked bank account or stored in a PayPal Savings account.
This announcement comes as consumers continue to work with the high prices of consumer goods during the holiday shopping season, PayPal Newsroom says.
The payment app states that a quarter of its customers look at loyalty programs as important considerations when making shopping decisions, especially during the holidays.
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What PayPal Rewards Provides Exactly
Fine Extra writes that the unified program across PayPal will let customers have the rewards they earned across multiple PayPal products and shopping experiences.
These rewards will now be placed in a designated rewards destination that makes tracking and redeeming rewards simpler.
Additionally, the PayPal Newsroom reports that customers will be able to earn PayPal Rewards points in various ways, such as personalized engagements within the app.
This can also be done by using the Paypal App in the Honey browser extension to find discounts, redeem rewards, and provide benefits with payment cards and purchases.
In connection, these reward points can be redeemed by the customers flexibly without any restrictions or minimum amounts through PayPal checkout.
With this, the customers will have the option to set up or link their PayPal accounts to integrate this new experience into their point redemption and holiday shopping decisions.
Engadget reports that this program will roll out in the United States and can be checked out under the dedicated section of PayPal's mobile application.
PayPal Holdings Inc. acquired Honey for $4 billion in 2019, which was the company's largest acquisition at the time.
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