PayPal is launching a new rewards program to help people find deals online and save money with its Honey acquisition.
Honey is a browser extension that searches the internet for deals, promo codes, or coupons for online retailers (and the popular YouTube channel sponsor). PayPal bought the developer behind Honey (opens in a new tab) in early 2020, but to date, we haven’t done much about it. Now with aptly named PayPal Rewards (opens in a new tab), the Honey aspects will form the basis of the new program. The company says the motivation behind PayPal Rewards is to help people “navigate high prices.” [as we head] in the Christmas shopping season. ”
Discounts and rewards
PayPal Rewards has its own app center for mobile and desktop devices where you can track the points you collect. These points can be earned by using the official app or by using the Honey browser extension to find discounts.
In turn, points can be redeemed for “cashback and other rewards”. However, it looks like these other rewards are just more points added to your account. PayPal does not appear to be using Honey Gold (opens in a new tab)which gives you additional savings on purchases. Speaking of which, customers who are part of Honey Gold can link their account with PayPal and use these points in the new program.
A company representative told us that 100 points is $ 1. This money will appear in your PayPal balance where it can be deposited into your bank account, sent to someone else via peer-to-peer payment, or donated to charity.
The new program is currently being released to users in the United States, so if you are interested, we strongly recommend that you update your PayPal application. When asked about the global expansion of PayPal Rewards, the same representative told us that there are no development plans at the moment. There are plans to integrate PayPal card products, such as a debit card, into Rewards, but no date has been provided for this.
The future of online payments
The launch of PayPal Rewards comes at a really interesting time, 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: offering customers deals and discounts. Apple also predicted it: when has revived its Pay app, included a Pay Later feature, giving people a new option to buy. Instead of paying for something in full, you can use Pay Later to create a payment plan that is more budget-friendly.
Google also recently restored the old Wallet app (opens in a new tab)but no discount search tool has been added. Instead, it focuses more on comfort and security. Perhaps PayPal Rewards will give the long-running platform the edge it needs over its rivals.
If you are looking for an alternative to PayPal, we recommend checking out TechRadar Money Transfer Apps List for 2022, which has been recently updated.