Changes to your dashboard & more…
Make sure your app is always up to date with the latest changes from WeShop.
Summary of the changes to your app
- We’ve renamed parts of your dashboard to introduce our new concept “WePoints” which will ultimately convert into Shares, subject to the Terms of Service.
- You may now be required to provide additional information in your profile to verify your WeShop account.
- We’ve removed the ability to see how many followers other accounts have and how many accounts they are following.
- We’ve also removed the ability to like recommendations, questions & wishlists; better aligning to our position on the ethics of social media and the impact of ‘clout-chasing’.
- We’ve made it even easier to refer your friends by moving the Refer & Earn page to your app’s main navigation bar.
Introducing WePoints
Welcome to WePoints. We have made this change for simplicity to our community so you can see the different stages of the transactional journey to ultimately receive shares in WeShop.
What are Pending WePoints?
Simply put, when your WePoints are pending, they’re waiting for the transaction to be marked as verified:
- Waiting for the retailer to confirm you’ve not returned the item.
- Waiting for the initial 12 month period to lapse unless it is a travel booking which is longer than the 12 month verification period.
- These WePoints are still subject to change and fluctuation if you’ve partially or fully returned the item.
What are Shares to be Transferred?
These WePoints are from transactions that have been marked as Verified. These WePoints are now locked in and not going anywhere. Subject to regulatory terms, restrictions and a successful listing on a recognised stock exchange, these WePoints will be converted into shares and issued to you. We will update on the mechanism that the shares will be transferred in the coming months.
Why has the cash value moved?
In your dashboard, we’ve moved the indicative value below the number of Pending WePoints. The indicative value of your WePoints is based on the current value of 1 WePoint (pegged to the WeShop share price). For example, if you have 100 WePoints, and the current value of 1 WePoint is £10, you would have an indicative value of £1,000.
If you have been with WeShop for over 12 months and you have Verified transactions; your dashboard will show you “Shares to be Transferred”. This number is the current number of WePoints that are now ready for conversion and issuance to you (subject to regulatory terms). However, the indicative value will work in the same way as described above.
What does it mean for me?
This change hasn’t had any impact on the number of shares you may receive.
If you previously had 100 shares, you should now have 100 WePoints. If you have noticed a change in the number of WePoints and think something has gone wrong, please contact the Customer Services Team.
Verifying your account
We have introduced a variety of new sections to your WeShop profile, these are important and required to verify you are who you say you are. This verification is necessary for all WeShop users.
We are partnered with a third-party provider who will be performing the necessary customer identification & anti-money laundering checks (KYC) on your behalf. These checks are put in place to make sure WeShop is compliant and also helps us build a verified community.
What happens if I don’t provide the information?
As per the WeShop Terms of Service, clause 9.11(h), and 15.1(h); failure to provide the necessary information to perform the customer identification and anti-money laundering checks may result in your WeShop account being suspended and closed, and the forfeit of any WeShop shares (and WePoints) you have accrued.
What information does the KYC process check for?
Primarily, the Know Your Customer (KYC) process identifies politically exposed persons (PEPs), their family members or associates, and also screens individuals on global sanctions, regulatory, and law-enforcement lists.
Does a customer identification/anti-money laundering check affect me?
No, a customer identification or anti-money laundering check does not affect you. Important: The customer identification or anti-money laundering checks do not affect your credit file(s) or any other aspect of your personal financial situation.
What happens if I fail the KYC check?
You may be required to provide more information about your WeShop account. Your case may be flagged to our legal counsel who will provide guidance for both yourself, and for WeShop on a case by case basis.
Re-focusing WeShop’s social features
WeShop recognises the growing body of evidence highlighting social media’s impact on individuals. We believe that ‘clout-chasing’ (pursuing the highest follower counts or likes) does not represent the true spirit of the WeShop community. All users deserve equal treatment, regardless of popularity. Our feed algorithm ensures every recommendation receives the same level of visibility.
Refer & Earn
We have moved the Refer & Earn button to the main navigation in the app, making it even easier to invite your friends to the WeShop community.