Bursting out of nowhere, Phewtick has become viral in the last few weeks. It’s hook is that it offers FREE MONEY! And who doesn’t want free money? The only question is why? Who gives away free money? No one. According to the Phewtick website, their mission statement is to “Create a new behavior to meet new people.” In order to use Phewtick, add the app, meet a friend who has the app, scan the code, and you collect points. The exchange rate for every 10 points is $0.0116. There are options to donate, cash out, and create a gift card through PayPal.
Each time you meet up with someone, they monitor “‘who’, ‘where’ and ‘when’ someone meets another person.” They analyze the data to recommend places to eat. At least they hope to, after gaining popularity. They want to strike a deal with different places and build a symbiotic relationship. “For example, this Wednesday, 5:00-7:00pm, 4-person groups of people in San Francisco who like Korean BBQ style restaurants will receive a placement ad for 3,000 Phewtick points (equivalent to $ 3.00) per person if they go eat at the advertised restaurant. When the Phewtick user actually visits the store, they use their smartphone to read the Phewtick QR code located in the restaurant to earn their points. Phewtick, earns a commission determined by the number of users collecting points (number of Phewtick visitors).”
Currently, they have partnered with companies like eHarmony and Tapjoy.