PepCoin lets mobile customers scan codes under bottle caps and on snack bags with their smartphone cameras to earn back 10% of the purchase prices. Members need to earn at least USD 2 before the cash is automatically transferred to their accounts with Venmo or PayPal. The codes can only be scanned once, and snack and beverage pairings must be scanned within 48 hours of each other.
To join the program, customers have to create an account at the PepCoin.com website.
By working with PayPal and its mobile payment platform Venmo, PepsiCo can reach younger consumers familiar with mobile payments. According to Billtrust, 79% of Generation Zers use person-to-person payments at least once a month, compared with 75% of millennials and 69% of Gen Xers.
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