The New York-based food, snack and beverage company Pepsi has officially launched PepCoin.
The “coin” gives anyone with the munchies a way to earn 10% cash back when buying chips and drinks.
Although the name and logo may look like an attempt to capitalize on the crypto craze, PepCoin has no relation to cryptocurrency or blockchain technology. It’s a cash-back loyalty program that leverages Venmo and PayPal for on-demand, mobile consumers.
Says Leanne Sheraton, vice president of marketing at PayPal,
“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 earn rewards, snackers scan a code on the bottlecap or bag, and watch the cash back flow into their PepCoin account.
When the amount hits $2.00, users can withdraw directly to their Venmo or PayPal account.
Pepsi says people can get rewards for purchasing more than 60 of its drinks and snacks, including Cheetos, Mountain Dew, Aquafina, Doritos and Ruffles.
PepCoin launched about a month ago and has earned little fanfare from the crypto community.
POS: Proof Of Salt network.
POS; Proof Of Sugar network.
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You can check out more on PepCoin here.