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PayPal Purchases Money-Saving Platform Honey For $4 Billion

Even before it cracked with eBay, PayPal (the money transfer service) consistently looked for new methods to part users from their cash. It has not strayed far from its basic competences, purchasing payment firms such as Braintree (and consequently Venmo), iZettle, and Xoom, but its newest buyout will see the firm get directly back into the online shopping sector.

That is because PayPal has purchased Honey, the well-liked money-saving platform, in a contract worth $4 Billion. It is the biggest ever acquisition by PayPal and will witness both firms try to additionally “personalize and simplify shopping experiences for users,” while assisting over 30,000 retailers get those users via their online checkouts.

More than 17 Million users already employ a Honey browser extension or app. Once downloaded, Honey tracks cost alterations on retailer sites but can also input coupon codes automatically when a consumer adds an online checkout. If no coupons are accessible, Honey might also provide loyalty points that can be used as gift cards.

Considering that PayPal has 24 Million online merchants already on its books, its newest purchase will let it to better personalize experiences for and target users the minute they come on a site. With firms such as Google, Apple, and Facebook shifting further into the payment segment, capturing the focus of users at the beginning of their visit instead of them assisting them pay for their products at the end can offer PayPal the springboard it requires to turn out to be much more than only a payment firm.

On a related note, if you are shopping on Movember, Cinemark, or Rakuten any time shortly, you may see a novel click-to-pay option at checkout. Discover, American Express, Visa, and MasterCard have joined hands to make the new option for secure, fast online purchases.

Andrew Conover
Andrew Conover Subscriber
SR. CONTENT WRITER At Industry Updates 24

Andrew Conover has done Masters in Atmospheric Science and manages the science domain in our company. He is associated with us from the last 4 Years. Andrew looks after science-related content and believes every new project is a prospect to raise the bar. His success mantra is taking a big concept and working on it with laser-sharp focus. He is very clear with his workflow and believes in helping others with his valuable opinions and knowledge regarding space science. Outside of work, Andrew is a proud dad and plays football in leisure time.

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