PayPal has introduced PayPal Rewards, a unified program accessible via the company’s app that allows customers to shop while earning, tracking, saving and redeeming rewards. The company has aligned its merchant offers, cash back savings and shopping products in pursuit of providing a frictionless consumer journey.
The PayPal Honey extension will remain in place with the new program, but Honey Gold rewards will become PayPal Rewards. Existing Honey cash back and discounts feature has reportedly saved consumers nearly $200 million in 2022.
The new rewards program offers:
- A unified rewards program across the app, which allows customers to combine their rewards earned across the platform with card products to be added in the future;
- A new destination within the app to simplify rewards tracking and redemption across the platform’s products and shopping experiences;
- A variety of ways to earn rewards, such as the PayPal app and the PayPal Honey browser extension to locate discounts;
- Point redemption for cash back and other rewards, with greater benefits when using a reward-earning payment card to make purchases;
- Flexible point redemption without category restrictions or amount minimums, allowing customers to redeem rewards for cash back into their balance and transfer funds to their linked bank accounts, deposit into their PayPal Savings accounts, donate to a charity, or send via P2P.
“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, VP of Shopping and Global Pay Later at PayPal in a statement. “PayPal Rewards makes it easy to find sales, discounts, and great deals when making a purchase with PayPal.”