New app rewards beauty shoppers who prepay for future spend
A new money management app, partnered with online retailer Feelunique and the Blow LTD mobile beauty service, is promising to help bolster the UK beauty industry and consumers’ wallets, by rewarding users who commit to spending on beauty ahead of time.
Consumers who download the HyperJar app can commit money to Feelunique and Blow LTD prior to spending and earn an average of 4.8% interest, added to their in-app balance, in the process.
An odometer in the app shows this increased buying power growing in real time.
Committed money must be spent with the business it’s deposited with but there is no time limit and money can be shared or gifted to other HyperJar users.
HyperJar founder and chief executive Mat Megens said the app would help Brits make their money go further and support the cosmetics and beauty sectors, both of which have been “massively hit” by the Covid-19 crisis.
"Many of us have untapped value inside our brains: knowledge of where we are going to shop in the future. This ‘intent data’ can be monetised – HyperJar users can prepay for future spending with their favourite retailers or service providers,” he said.
“In return for this commitment, users will be rewarded with a growth rate – the current average is 4.8%. This is akin to interest, but can’t be withdrawn as cash – it becomes effectively ‘branded currency’.
“The customer’s spending power is growing with time, enjoying dynamic accrual, and the retailer has future spend locked in," he added.