PayPal is combining cash-back rewards earned through Honey, PayPal's debit and credit cards, and the PayPal app.
PayPal acquired Honey in 2019 for $4 billion, and this is its latest strategy to "leverage" the browser extension product.
The payments giant will announce on Monday plans to combine the cash-back perks of several of its offerings into one system, called PayPal Rewards.
The new tool will allow customers to pool cash-back rewards earned from their various products: the PayPal app, PayPal Honey, and, in the future, PayPal's Cashback Mastercard and PayPal's debit card.
The expansion of PayPal's rewards offering also comes as established competitors like JPMorgan Chase,Wells Fargo, and CashApp continue to leave an impression on the market.