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 browser extension that searches the web for deals, coupons, or promotional codes. The new rewards section in PayPal’s main app will allow users to view all their earned points, gift certificates, and PayPal shopping credit from Honey starting this week. This makes it easier for them to manage their finances while also giving them new ways of earning points.
You can use the PayPal app to collect points or the Honey extension for discounts. 100 points will earn you $1. The cash can be transferred to a PayPal Savings account or linked bank account.
Announcing the incorporation of Honey’s features into the PayPal app and also the launch of PayPal Rewards, the company 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 saidIn 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 is the first to launch in the U.S.
In 2019, PayPal bought Honey for $4 billion. It is the highest sum. PayPalSome amount has been paid for a buyout.
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