ShopBack Expands Way to Pay

Three months after ShopBack, the Asia-Pacific’s cashback network, launched ShopBack Pay that allows shoppers to use their preferred payment method while amassing cash rewards, the company is adding another feature, reported.

The new tool for consumers is a QR scan-and-pay feature that allows ShopBack users to not only get cashback online, but also at brick-and-mortar stores.

With ShopBack Pay, customers can link their favorite payment methods to make in-store purchases and amass more cashback atop of rewards from their selected payment method.

“Our goal at ShopBack has always been to add value to and shape one’s shopping experience with ShopBack Pay, right from the start when users easily discover merchants on the app to making their payments with cashback as a loyalty scheme,” said Julian Foo, head of payments at ShopBack, in a statement.

Founded in 2014, ShopBack has awarded more than $100 million to its community of shoppers, according to the company’s website.

With ShopBack Pay, which was launched in January, shoppers link their preferred payment method on the app to make in-store purchases.

On average, users can get 5% cashback from ShopBack Pay, though some popular merchants offer as much as 12 to 20%.

In February, Bloomberg reported the company is hoping to fuel its expansion with a $150 million funding round that would value the startup at $1 billion.

Read more: Cash Back App ShopBack Seeks $150M in Funding

Sources said the Singapore-based company is working with Morgan Stanley on the funding round.

Backed by Temasek Holdings and SoftBank Ventures Asia and Rakuten Capital, ShopBack offers cashback and other rewards for brands and retailers that include Lululemon, Dyson and Foodpanda.

ShopBack’s app provides cash back in numerous categories, such as travel, general merchandise, food delivery, groceries, fashion, health and beauty, as well as entertainment, dining and in-store sales. The platform operates in 10 markets across Southeast Asia.