Many people believe that one of the main drivers for mass adoption is major corporations launching their own cryptocurrencies. But sadly, that isn’t going to be Pepsi just yet despite what some have suggested.
Pepcoin Is a Rewards Program
FMCG giant Pepsico recently announced a new rewards program called Pepcoin last month in conjunction with PayPal and Venmo.
But for those of you who wrongly assumed that Pepsi had begun its foray into the crypto world, Pepcoin is definitely not a cryptocurrency.
#pepcoin is coming… are you ready?? #Crypto pic.twitter.com/CMSOvpHKs3
— CoinStories (@jsweeps2334) October 14, 2019
It’s not really anything, in fact, beyond a marketing ploy designed to incentivize purchases. Consumers simply rack up reward points when they scan product barcodes to exchange for cash in their PayPal or Venmo accounts.
PepCoin has its very own website which describes the process of acquiring these new ‘pepcoins’.
It’s Not a Cryptocurrency
Pepcoin’s name may feel somewhat misleading to a lot of people, particularly in the blockchain space. It certainly seems as if the company is piggybacking off of the trending cryptocurrency phenomena by adding the word “coin” in its name, in the hopes of appealing to the younger tech-savvy demographic.
*quickly converts all assets to pepcoin* DRAG ME TO HELL pic.twitter.com/OpBSeBxtut
— Sarah Osment (@sm_osment) October 14, 2019
It also seems feverishly complicated. If you want to earn cashback, it’s not as simple as buying a Pepsi product. You have to buy the right pair of products including a soft drink and a Frito-Lay snack in order to qualify for the rewards scheme. Not ideal if you’re only planning on purchasing single items.
Get rewards for eating + drinking the brands you love! PepCoin by PepsiCo is a new program that pays you back for enjoying some of your favorite Pepsico and @Fritolay products. More: https://t.co/67SWW37MA8 pic.twitter.com/N1iVAuLu14
— Jose Montilla (@JoseMontilla33) October 12, 2019
You also need a Venmo or PayPal account. You then have to create another account with Pepsi and link that to your Venmo or PayPal- all to earn 37 cents each time you buy the right pair.
It’s Only for US Citizens
We’ve already established that Pepcoin isn’t going to spread any awareness for cryptocurrencies (seeing as it’s not a cryptocurrency). It’s also not going to get very far on a global scale since it’s only valid in the US.
But for those of you interested anyway, be sure you read the fine print. If you’re a loyal customer who’s bothered to jump through all the hoops you need to earn these new pepcoins, you’d better be sure to keep buying. If your account is inactive for over 120 days, you’ll be charged 25 cents.
Oh the joys of centralized commerce!
Do you think Pepsi’s new ‘Pepcoin’ is misleading? Add your thoughts below!
Images via Shutterstock, Twitter @jsweeps2334 @sm_osment @josemontilla33, Pepcoin.com
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Original source: https://bitcoinist.com/pepcoin-is-not-cryptocurrency/