Walmart expands access to cashback rewards

Walmart has entered a multiyear partnership with cashback rewards platform Ibotta to launch a new digital offers program on Walmart.com and the Walmart app.

Through the program, announced late Tuesday, Walmart customers will get access to hundreds of cash rebates on popular products, enabling them to earn cash back atop the savings from the Bentonville, Ark.-based retailer’s everyday low prices.

And in a unique element of the program, customers will redeem the rebates and receive the cashback rewards directly through their Walmart accounts, Walmart and Ibotta said. The cash earned can be applied toward future Walmart purchases, a Walmart membership, grocery delivery and other transactions. The companies said they’re also exploring integration opportunities with other Walmart financial services.

The agreement is an extension of the relationship that Walmart and Ibotta began in 2018,

“We’re pleased to partner with Ibotta to bring unmatched digital offers to Walmart shoppers while still giving customers a consistent way to save,” Janey Whiteside, executive vice president and chief customer officer at Walmart U.S., said in a statement. “The partnership is a win-win. We’re able to find new and exciting ways to help customers save even more with Walmart, all while propelling our business forward, driving loyalty and creating new ways for us to engage suppliers.”

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Also under the partnership, Walmart will join the Ibotta Performance Network (IPN), a digital network that delivers cash rebates across large third-party sites, including social media networks, recipe sites and other platforms. Walmart customers on those platforms will be presented with digital offers for relevant products, which they can select and seamlessly add to their Walmart digital cart for online or in-store shopping, the companies said.

“In expanding this important relationship, we are thrilled to bring the value of closed-loop cash rebates and the IPN to the world’s largest retailer and all of its customers,” stated Bryan Leach, founder and CEO of Denver-based Ibotta. “Walmart has been an innovative leader in retail for six decades, and we are honored to work with them on this program and to be their exclusive third-party provider of digital item-level rebates on Walmart platforms. Walmart’s participation in the IPN will further enhance our ability to drive significant traffic and sales to their stores and digital properties.”

Since launching in 2012, Ibotta has provided nearly $1 billion in cash rewards for purchases made in stores and via mobile apps or websites. Its shopping and payment platform has topped 40 million downloads, offering cash back on purchases from more than 2,700 brands and retail partners. Ibotta also drives retailer rewards programs and makes its digital offer content available on websites and apps via IPN, which is accessible to more than 100 million shoppers.

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