PayPal acquired rewards platform Honey several years ago and this week it announced it’s folding in Honey’s features and services into its own platform as part of the new “PayPal Rewards” offering.
Honey is a popular browser extension that trawls the web in search of deals, coupons, and promotional codes. It means that from this week, all earned points, gift cards, and PayPal shopping credits acquired in Honey will now be viewable in a new Rewards section in the main PayPal app, making it easier for users to manage their related finances while also taking advantage of new ways to earn points.
Points can be picked up through the use of the PayPal app or using the Honey extension to track down discounts. When it comes to cashing in points, 100 of them will get you $1, with the cash able to be transferred to either a PayPal Savings account, linked bank account, another individual or organization as a regular payment, and also to a charity.
Announcing the incorporation of Honey’s features into the PayPal app and also the launch of PayPal Rewards, the company said the new setup will build on the nearly $200 million that PayPal users have already saved this year via PayPal Honey-enabled cash back and discounts.
“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,” PayPal executive Greg Lisiewski said in a release. “PayPal Rewards makes it easy to find sales, discounts, and great deals when making a purchase with PayPal — through cash back, discount codes, or other rewards.”
PayPal Rewards launches first in the U.S. and is being rolled out now via an app update.
PayPal acquired Honey in 2019 for $4 billion. The sum is still the most PayPal has paid for a buyout by some margin.
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