Ibotta has developed a new reward-based payment tool that allows mobile users to earn cash back from
shopping. This feature offers additional savings. Its specialty is that your
earnings do not apply to individual products at checkout. Instead, rewards for
the entire transaction is distributed among 30 participant retailers and
restaurants.
Some of the firms participating in this program are
Applebee’s, Chipotle, Banana Republic,
Gap, The Home Depot, Lowe's, Old Navy and Sephora. The company will add more
retailers and restaurants over the next months. Merchants will be able to save
on credit card processing fees because the settlement is conducted directly
through the app. The additional rewards and payment features give shoppers more
incentives to download the app. According to the announcement, the application
has been downloaded 30 million times since its launch in 2012 and it has
delivered more than $525 million in cash rewards to users. The application had partnered
with brands like Bud Light and Jarlsberg Cheese for previous digital coupon
campaigns.
The success of the Ibotta
app is largely due to the rapidly growing market for mobile payments
and couponing. It is predicted that this market will increase from $897.7
billion in 2018 to $3.7 trillion by 2024 since more businesses will let
shoppers pay via their smartphone.
Ibotta
offers an innovative payment and rewards system
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