PayPal (NASDAQ: PYPL), which offers one of the widely-used digital wallets in the United Kingdom, is reportedly relaunching as a “unified” payment experience for clients to shop online and now in-stores. PayPal’s offering is intended to make shopping more rewarding for British consumers. Beginning now, PayPal customers across the UK can access the new PayPal+ loyalty program, with PayPal debit and credit cards also offered.
PayPal‘s loyalty program is available to UK based customers now. Consumers are able to sign-up to PayPal+ in the PayPal app and begin earning points on both online and in–store purchases. Points can be earned almost every time a customer pays with PayPal balance, their preferred card or Buy Now Pay Later.
Consumers can then redeem their points to spend when they check out with PayPal online at shops across the globe. And PayPal+ points have real value: every 1000 points equals £10 to spend with PayPal. Compatible with other loyalty programs, PayPal+ points can be “stacked and earned on top of other loyalty points, making it even easier for consumers to get the most out of their everyday spend.”
Intended to incentivize loyalty without membership fees or redemption limits, PayPal+ aims to enhance the rewards industry. Starting at the Blue tier, consumers unlock Gold and Black tiers as they “earn more points, with each tier recognising loyalty with even bigger rewards.” Gold and Black tier members enjoy points worth up to “50% more at checkout, along with access to VIP experiences and other exclusive perks.”
The launch of PayPal cards marks a step forward in PayPal’s transformation from an online payment service to a better way to pay “almost everywhere.”
For the first time in the United Kingdom, PayPal will introduce a PayPal Debit Card for consumers4, which can be used worldwide without PayPal transaction fees. When linked to PayPal+, customers are able to “take their earning potential to new levels: they will earn 10 times the points by using the PayPal Debit Card when paying for everyday purchases.”
Offering customers value, and flexibility, the PayPal Debit Card will link to the PayPal wallet, making it easier to track everyday spend and maximise rewards in one place. The PayPal Debit Card will be accessible through the PayPal app and can be added to make contactless payments with a smartphone.
Offered to eligible clients online, PayPal Credit will also further expand with a virtual card as wel as a physical card to make in-store payments. Customers are now able to collect PayPal+ points and use PayPal Credit online as well as in-store.
PayPal’s Buy Now, Pay Later (BNPL) solution, Pay in 3, will now reportedly continue to provide customers with “another flexible way to pay online, and also earn customers PayPal+ points.”