PayPal has announced the launch of PayPal Rewards, a programme that looks to bolster customer engagement and loyalty.
Users can access the rewards scheme via the PayPal app, where they also have the option to receive cashback saving offers along with discounts as prices continue to surge.
Research from the American payment giant found that 25% of its consumers cited loyalty programs as the “most important factor when deciding where to shop”. The company has gone on to help save its customers up to $200m in total this year, factoring in its e-coupon subsidiary PayPal Honey.
“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,” said Greg Lisiewski, Vice President of Shopping and Global Pay Later.
“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.”
Designed to provide an optimal user experience, PayPal Rewards will be housed in a new part of the PayPal app making it ‘seamless’ to track and redeem rewards. Customers will also be able to earn points which can be redeemed for cash back.
Once users have received their cash back into their PayPal balance, the funds can be transferred to their linked bank account and deposited into their PayPal savings account.
PayPal Rewards has been rolled out to US customers initially from yesterday onwards.