Pepsi is launching a PepCoin loyalty program that rewards you for buying both a single-serve beverage and a Frito-Lay snack by sending money to PayPal and Venmo accounts. If you scan enough codes on bottles and bags, you’ll receive a little bit of cash. You’ll have to earn $2 before it goes to your account, but this is real spending money.
How it works:
- Buy a PepsiCo beverage and Frito-Lay snack.
- Scan the codes on the bag and under the bottle cap with your phone.
- Link the program to your PayPal or Venmo.
- Once you accumulate $2, the money automatically transfers to your account with Venmo or PayPal.
It’s not a dollar for dollar point system, each transaction earns a person about 37 cents. So, like, 5.4 purchases.
Why it’s hot: Companies with multiple brands are increasingly using loyalty programs as a vehicle to sell across their portfolio and drive awareness of the many different products within it. With the exception of credit and debit cards, that apply cash back as a credit to your account, cash back incentives in the form of actual cash have yet to be tested (as far as I could tell). Truly successful loyalty programs thrive on creating engaging experiences and emotional connections with their consumers — it’ll be interesting to see whether Pepcoin will be able to establish a true connection with customers, past the initial shock and enroll stage and whether it’ll change how loyalty and rewards programs provide benefits to consumers in the future.