PayPal Goes Blockchain with Employee Rewards
In an exciting twist for corporate incentives, PayPal has unveiled a brand-new blockchain-based reward system for its employees. As reported by Cheddar, the initiative was brought to life by PayPal’s innovation team in San Jose, California, after a six-month development spree. This program officially kicked off in mid-November, and it’s as innovative as you might expect from a payments giant.
How It Works: Tokens for Innovation
Employees who engage in creativity and contribute innovative ideas within the company receive tokens. These aren’t just any tokens; they’re akin to currency within the PayPal realm, allowing workers to trade among themselves on the company’s public ledger. Think of it like a candy jar full of goodies—only these goodies can earn you some remarkably unique experiences versus traditional sugar highs.
More Than Just Tokens: Unique Experiences
What can employees do with these hard-earned tokens? Buckle up because it’s quite a list! They can cash in for over 100 unique experiences including:
- Playing poker with PayPal’s vice presidents
- Joining CFO John Rainey for coffee and a trail run
- Practicing morning martial arts with CEO Dan Schulman
- Even borrowing a top manager’s dog for a whole day!
Yes, you heard that right; who wouldn’t want to showcase their puppy-walking skills during lunch breaks?
Comparing Blocks and Venmo
Todasco, the director of innovation at PayPal, likened the new token scheme to Venmo’s social media-like feeds—a fun way to visualize innovation activity within the company. Employees can like, comment on, and stay updated about the buzz surrounding innovations at PayPal, blending business with social networking in a groundbreaking way.
The Bigger Picture: Blockchain’s Role in Loyalty Programs
PayPal’s venture into blockchain isn’t an isolated incident. Many companies are diving into blockchain for loyalty schemes. For example, SC Johnson and Plastic Bank recently awarded tokens to local citizens in Indonesia for recycling efforts. It’s clear that blockchain is paving the way for creativity across industries!
What’s Next for PayPal?
Having dabbled in blockchain for nearly two years, PayPal continues its flirtation with crypto payments. The company even submitted a patent in March aimed at speeding up crypto transactions—although it sparked some debate concerning originality with a Bitcoin hardware wallet. As for employees, with fun experiences on the line, it seems PayPal is ready to innovate the workplace, one token at a time!
