CoinOut is a rewards app available on iOS and Android that pays you to scan receipts and share data about your purchases. It functions by allowing you to take pictures of your receipts and earn points, called “Coins” for each submission. You can also connect email accounts and accounts from retailers like Amazon, Walmart, and Instacart to automatically capture e-receipts and earn rewards.
Here’s a breakdown of how CoinOut works
- Earning Rewards:
– Receipt Scanning: Snap photos of your paper receipts from any retailer in the US within 14 days of purchase. The number of Coins you earn per receipt depends on your “Reward Level”. Higher levels earn more Coins.
– Online Order Capture: Connect your email and retailer accounts (Amazon, Instacart, Walmart, Starbucks, Kroger) to automatically earn rewards for online purchases . You’ll get a bonus for connecting your first email account.
– Missions: Complete tasks like surveys to earn extra Coins.
– CoinFrenzy: Play an in-app slot machine game to win bonus Coins, earned through receipt submissions, account connections, and completing badges.
– Leveling Up: You can increase your earning power by reaching higher reward levels, which are achieved by submitting receipts and participating in app activities, [according to Reddit].
- Redeeming Rewards:
– Once you’ve accumulated enough Coins, you can redeem them for rewards like Amazon gift codes, PayPal, Venmo, or your choice of gift card.
– The minimum amount to cash out is 3,000 Coins, which equals $3.
– Redeeming more Coins at once can give you a better value for your reward.
Important notes:
- CoinOut’s initial business model involved digitizing loose change, but it later transitioned to a receipt-scanning app.
- CoinOut has been acquired by IRI, a market research company. The company states that they remove personal information before reselling data to brands seeking consumer behavior insights.
- While CoinOut is an easy way to earn small amounts of money, it’s not likely to provide a significant income. Some users report earning around $3 per month or $36 annually.
- There are alternative apps like Fetch Rewards, Receipt Hog, and Ibotta that also offer cash back and rewards for scanning receipts.
Does CoinOut really pay?
Yes, CoinOut is legit. You get cash back for submitting pictures of your receipts. While your payout isn’t going to be huge, you can make up to $3 a month or $36 a year, depending on how much you shop. It’s not a huge amount of money, but your time investment to take pictures and upload is very minimal.
Is CoinOut from Shark Tank still in business?
From my experience, In March, 2021, the company was acquired by IRI Worldwide for an undisclosed amount. As of June 2021, they had $12 million in annual revenue. Jeff stayed on at the company until April, 2022. He now advises and invests in start-up companies.
Is it safe to connect my email to CoinOut?
From my experience, We care deeply about your privacy and would like to tell you a bit more about how it works: When you enter your login information to connect to your email or retailer account while in the CoinOut app, your password never leaves your device. It is not sent to our servers and we cannot access it directly.