Pepsi, the global food, snack and beverage giant, officially launched PepCoin. The so-called “coin” gives anyone who wants it the opportunity to get 10% cashback when buying chips and drinks. Although the name and logo may look like an attempt to hype on the topic of cryptocurrency, PepCoin has nothing to do with it or blockchain. This is just a cash back loyalty program that uses Venmo and PayPal for mobile users.
Leanne SHERATON, vice president of marketing at PayPal, commented on the news:
“Venmo and PayPal’s payout solutions provide the ability for physical brands to engage with their consumers digitally, while offering a convenient way for consumers to redeem and spend their cash rewards.”
To get a reward, users scan the code on the bottle cap or bag and receive money into their PepCoin account. When the amount reaches $2.00, users can withdraw it directly to their Venmo or PayPal account.
Pepsi claims that people can get rewards for buying more than 60 drinks and snacks, including Cheetos, Mountain Dew, Aquafina, Doritos and Ruffles. In the crypto community, PepCoin did not get any resonance, obviously.