PayPal Completes Acquisition of Browser Extension Honey
Honey is now officially part of the PayPal family, joining the likes of Venmo, Braintree and Xoom. PayPal purchased the browser extension for $4 billion in November and completed the acquisition earlier this week. Honey currently has a featured spot on the PayPal login page, encouraging users to sign up for a Honey account.
Honey is a free browser extension that works on Firefox, Google Chrome, Microsoft Edge, and Opera. Once installed, the app automatically recommends coupon codes and other savings offers when someone makes a purchase online. For instance, if someone makes a purchase on Amazon that has applicable coupon codes, Honey will pop up to show available coupons. The user can choose to apply the coupons and see the corresponding savings.
Before the acquisition, Honey worked with approximately 40,000 online retailers. PayPal has a network of over 19 million merchants, creating expansive potential for future growth.
Signing up for Honey takes a few seconds. Users can log in with their PayPal account, Facebook, Google account or email address/password. Honey sends a welcome email afterward but does not require email verification or other additional steps.
Honey has a rewards program, called Honey Gold. This provides different rewards values for different merchants, like 1% to 6% at Macy’s. After a user earns 1,000 Gold rewards, they can convert their points into a digital gift card, with 100 Gold converting to $1. The gift cards are available for many popular retailers, but PayPal may extend the rewards program now that the acquisition is complete.