The promotion will run for 10 weeks across Pepsi's drink portfolio and will be supported by a national TV campaign featuring outdoor, radio, digital and in-store activity.
The campaign asks consumers to text their unique on-pack code to a dedicated number, followed by either "mates", to win four tickets to a music festival, or "me" to win £300 cash.
The music festivals taking part in the promotion include Wireless, T in the Park, Latitude, Download, Global Gathering, The Big Chill, Hard Rock Calling, Reading and Leeds.
Kat Jones, senior brand manager for Pepsi at Britvic, said: "We want Pepsi drinkers to have the ultimate summer with their mates so we are giving them access to over 10 of the biggest music festivals in the UK.
"We are really excited about this latest promotion, as it brings together our consumers with their mates and music – two things that we know are really important to Pepsi drinkers."
Britvic is the exclusive manufacturer and distributor for PepsiCo in the UK.
Last month PepsiCo revealed plans to launch a petroleum-free bottle to ramp up its environmental credentials.
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