Shopify Launches Rewards Program for Users of Shop Pay

Shopify has launched a new rewards program for users of Shop Pay in the United States.

The new Shop Cash program gives customers making eligible purchases 1% back in rewards that can be redeemed on the company’s Shop app, Shopify said in a Friday (June 2) press release.

“Shop Cash represents the next evolution of Shop, connecting independent brands to more shoppers, and rewarding those shoppers for being loyal fans,” Shopify President Harley Finkelstein said in the release.

Shopify is marking the launch of Shop Cash in the U.S. with an inaugural Shop Day on Friday during which the company and merchants are giving away more than $1 million in Shop Cash, according to the release.

During this event, merchants are sharing custom links on their social media channels that enable customers to redeem Shop Cash while making purchases in the Shop app. In addition, hundreds of brands are running offers that multiply customers’ Shop Cash by three, five or 10 times, the release said.

“This is a coming of age moment for Shop,” Finkelstein said in the release. “It’s become an incredible app that allows shoppers to discover great brands, check out with one tap, and track orders in real time.”

Shop Pay, which is Shopify’s accelerated checkout option that lets consumers save their data with merchants, has garnered an increasing share of gross merchandise value (GMV), Finkelstein said in February during a quarterly earnings call.

At that time, 100 million buyers had opted into the “one-tap checkout” function.

“Additionally, Shop Pay unlocks our buy now, pay later product — Shop Pay Installments — for consumers as the highest converting checkout,” Finkelstein said during the call.

Shopify is the latest of several companies that have added or enhanced their rewards programs.

For example, restaurant chain TGI Fridays announced May 15 that it has launched a new Fridays Rewards program that enables more choice in how rewards are accrued and redeemed, streamlines the rewards process and promises the ongoing addition of new options.

A week earlier, on May 9, Mastercard and Expedia Group partnered to launch a new Travel with Rewards program that allows Mastercard cardholders to redeem their points for travel bookings powered by Expedia.

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