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Ibotta, an app in which mobile users earn cash rewards, has expanded their services to include a payment feature called “Pay with Ibotta.” Ibotta, downloaded 30 million times since 2012, has delivered $525 million in rewards to its users. Pay with Ibotta is expected to expand their user base.
Mobile Payments Are Popular With Younger Consumers And Growing Quickly
Smartphones have become a part of the retail experience, even for in-store shoppers, and this has led to a significant rise in and ease of mobile payments, which are expected to reach $3.7 trillion by 2024. Young consumers, in particular, are comfortable with cashless transactions. According to a recent study, almost one-quarter of consumers under 40 make mobile payments daily. Consumers over 40 have been slower to catch on.
Pay With Ibotta Offers More Immediate Rewards For Users
“No matter how people shop or what they buy, our mission at Ibotta is to make every purchase rewarding,” said Ibotta Founder and CEO Bryan Leach. “I’m proud to introduce Pay with Ibotta and give our savers another opportunity to earn cash rewards and save on their entire purchase, instantly.”
Previously with Ibotta, users could only receive cash rewards for buying specific items or by linking their loyalty cards or receipts. Pay with Ibotta allows users to complete cashless transactions at participating Ibotta partner locations, including retailers and restaurants, and immediately get cash back for those purchases. To complete the transaction, users enter the amount of the purchase into their Ibotta apps, receive QR “gift card” codes to present at checkout and be scanned for payment. After the payment is complete, the Ibotta users’ cash rewards are sent directly to their Ibotta accounts. Ibotta accounts can be cashed out to Venmo or Paypal.
Retailers Partnering With Ibotta May Reap The Benefits
More than 30 retailers have signed on to Pay with Ibotta, including major brands like Banana Republic, Chipotle and Sephora, with the list likely to grow in the coming months. The app can be used in store and online. According to the Ibotta press release, “Pay with Ibotta inspires shoppers to make more purchases with their favorite retailers and allows those retailers to reach new customers with a personalized shopping experience. It also eliminates the retailer's need to pay for credit card processing fees since the payment will come directly through the Ibotta app.”
The alignment of rewards, mobile payments and digital coupons provides innovative shopping experiences for consumers and allows Ibotta and their partners the chance to reach more users and shoppers. The user incentives Ibotta provides to consumers may help them earn a larger piece of the payment market, pulling from current mobile leaders including Venmo and Apple Pay.