Hoping to catch the cryptocurrency buzz, IHOP unveiled its first loyalty program on Wednesday, offering customers the chance to earn “PanCoins” from the “International Bank of Pancakes” as rewards.
No, it’s not really a cryptocurrency – a fact that will no doubt disappoint those willing to throw dollars at just about any digital asset. But guests can use PanCoins to redeem for food at IHOP, and every $5 spent earns loyal members one PanCoin.
A PanCoin is worth a real pancake. Three PanCoins can be redeemed for a short stack, and loyal members will find more deals through the IHOP app as the program evolves, the company said. PanCoins can also be redeemed on the “Stack Market” for coupons for other foods, products and experiences.
The loyalty program will officially launch in April, but those who open an International Pancake Bank account between March 9 and March 29 will receive 10 PanCoins and $0 shipping on all orders through the app or website.
“It’s about joy,” said Kieran Donahue, chief marketing officer of IHOP. “We wanted to make it even more rewarding for existing and new customers to spend time together, great food, and those moments between bites that bring us so much happiness.”
Loyal members can either pay at the table using a QR code or scan a code on their receipt, which also automatically tracks their PanCoins. Rewards are also collected when customers order takeout or have them delivered through the website or app.
The rewards don’t apply to the fast and casual variant of the Flip’d brand or non-traditional sites, Donahue said.
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