As more and more consumers move to digital wallets like Apple Pay, Venmo and Paypal, Denver’s Ibotta has launched a new payment option that combines its cashback offerings with a payment solution.
Last week, the cashback app launched its new payment service, Pay with Ibotta, enabling customers to complete their entire purchase on the company’s app.
When shoppers use Pay with Ibotta, they can enter the purchase total and scan a barcode in the app for an instant, rewarded checkout. Unlike the company’s traditional offering that involves redeeming receipts, users are immediately given cash back upon purchase when using Pay with Ibotta.
The payment operates similar to Apple Pay or a reward’s app like at Starbucks, allowing shoppers to pay with a QR code on their phone.
“No matter how people shop or what they buy, our mission at Ibotta is to make every purchase rewarding,” said Ibotta founder and CEO Bryan Leach. “I’m proud to introduce Pay with Ibotta and give our savers another opportunity to earn cash rewards and save on their entire purchase, instantly. But this is just the beginning. We’ll be heavily focused on improving our user experience over the next year to make saving money even easier and more accessible.”
Ibotta originally started with groceries in 2012, but currently has partnerships with over 1,500 consumer brands, and has saved millions of customers over $500 million in cash back.
As it launches Pay with Ibotta, the company has partnered with a handful of retailers, including AMC Theatres, Chipotle, Home Depot, Old Navy, REI and much more.
For retailers, Ibotta said its digital wallet motivates shoppers to make more purchases with their favorite retailers, while helping brands reach new customers with a personalized shopping experience.
The company has nearly $100 million in funding to date from GGV Capital and several other investors and has been downloaded close to 30 million times. In 2018, Leach told Colorado Inno he’ll look to take the company public when it is ready.
