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.
Uber has teamed up with PayPal-owned Venmo to let people pay for rides and food via UberEATS with the funds in their Venmo account. According to the companies, more than six million payments mentioned Uber in the last year. The integration will also enable people to easily split the cost of food orders and rides with friends within the Uber app.
“Adding Venmo as a way to pay within Uber and Uber Eats furthers our mission to provide a seamless way to pay for the services that matter most to our customers,” PayPal COO Bill Ready said in a statement.
For Uber, this partnership is a way to further differentiate itself from its U.S. rival Lyft. Though, this is not an exclusive partnership, so Venmo could also team up with Lyft for payments. For Venmo, this is a way for the service to become more ubiquitous as it faces competition from Zelle, a bank-backed mobile payments service that’s on track to outpace Venmo in number of users sometime this year.
Within the Uber app, once you select Venmo as a payment option, you get directed to the Venmo app.
The integration will officially go live in “the coming weeks.”
Home goods company Williams Sonoma will start accepting Venmo, the app that users link to their bank account or credit card in order to send money to their friends and family, as a form of payment for items on bridal registries.
Williams Sonoma hopes the new program will help the company appeal to a younger customer base that is accustomed to using the digital wallet service to pay back friends for expenses or easily split costs.
The retailer plans to begin accepting Venmo at all of its locations in early 2018.