PepsiCo, the FMCG giant, recently announced a new rewards program called ‘PepCoin’ last month in conjunction with PayPal and Venmo.
Many people believe that one of the main drivers for mass adoption is major corporations launching their own cryptocurrencies. But, that is not going to be Pepsi just yet despite what some have suggested.
But, some people who wrongly assumed that Pepsi had begun its foray into the crypto world, PepCoin is not a cryptocurrency.
#pepcoin is coming… are you ready?? #Crypto pic.twitter.com/CMSOvpHKs3 — CoinStories (@jsweeps2334) October 14, 2019
It’s not really anything, in fact, it is a marketing ploy designed to incentivize purchases. Consumers simply rack up reward points when they scan product barcodes to exchange for cash in their PayPal or Venmo accounts.
However, PepCoin has its very own website which describes the process of acquiring these new ‘PepCoins’.
PepCoin’s name may feel somewhat misleading to a lot of people, particularly in the blockchain space. It certainly seems as if the company is boosting off of the trending cryptocurrency phenomena by adding the word “coin” in its name, in the hopes of appealing to the younger tech-savvy demographic.
*quickly converts all assets to pepcoin* DRAG ME TO HELL pic.twitter.com/OpBSeBxtut — Sarah Osment (@sm_osment) October 14, 2019
Likewise, it also seems feverishly complicated. If customers want to earn cashback, it’s not as simple as buying a Pepsi product. They have to buy the right pair of products including a soft drink and a Frito-Lay snack in order to qualify for the rewards scheme. Not ideal if they are only planning on purchasing single items.
Get rewards for eating + drinking the brands you love! PepCoin by PepsiCo is a new program that pays you back for enjoying some of your favorite Pepsico and @Fritolay products. More: https://t.co/eFEENesPkt pic.twitter.com/TxmejKIOiP — PepsiCo (@PepsiCo) September 12, 2019
Actually, customers also need a Venmo or PayPal account. Then, they have to create another account with Pepsi and link that to their Venmo or PayPal, all to earn 37 cents each time they buy the right pair.
It has been established that PepCoin is not going to spread any awareness for cryptocurrencies (but, people see it as a cryptocurrency). It is also not going to get very far on a global scale since it is only valid in the US.
Thus, it has been also said that if a loyal customer bothers to jump through all the hoops they need to earn these new PepCoins, they would better be sure to keep buying. If their account is inactive for over 120 days, they will be charged 25 cents.