Hoping to catch the buzz on cryptocurrency, IHOP on Wednesday unveiled its first loyalty program, offering guests the chance to earn “PanCoins” from the “International Bank of Pancakes” as rewards.
No, it’s not actually cryptocurrency — a fact that will no doubt disappoint those eager to throw dollars at just about any digital assets. But guests can use PanCoins to redeem for food at IHOP, and each $5 spent earns loyalty members one PanCoin.
One PanCoin is worth one real pancake. Three PanCoins can be redeemed for a short stack and loyalty members will find other offers through the IHOP app as the program evolves, the company said. PanCoins can also be traded in the “Stack Market” for coupons for other food, products and experiences.
The loyalty program officially launches in April, but those who sign up for an account at the International Bank of Pancakes between March 9-29 will receive 10 PanCoins, and $0 delivery on all orders via the app or website.
“It’s all about joy,” said Kieran Donahue, IHOP’s chief marketing officer. “We wanted to make it even more rewarding for existing and new guests to enjoy time together, great food, and those moments between bites that bring us so much happiness.”
Loyalty 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 guests order to-go or delivery using the website or app.
The rewards do not apply at the brand’s fast-casual variant Flip’d or nontraditional sites, Donahue said.
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