PRICING SUPPLEMENT NUMBER 1             Filed Under Rule
(To Prospectus dated January 11, 1995)  424(b)(2) and 424(c)
 CUSIP No. 71345L CL-0                  File No. 33-57181


                         PEPSICO, INC.

          7.13% Debt Securities Due January 23, 1996
               Interest Payable Semiannually

     Underwriter: Donaldson, Lufkin & Jenrette Securities

     Initial Offering Price:  100.00%

     Underwriter's Discount:   0.019%

     Currency:                U. S. dollars

     Date of Issue:           January 23, 1995

     Issuance form:           Book entry

     Scheduled Maturity Date:  January 23, 1996

     Daycount basis:          30/360

     Interest Accrual Date:  January 23, 1995, or the most recent
date for which interest has been paid or provided for, as the
case may be.  Interest will accrue from each Interest Accrual
Date to but excluding the next succeeding Interest Payment Date.

     Interest Payment Dates:  Semiannually on each July 23 and
January 23, commencing July 23, 1995 and ending on the Scheduled
Maturity Date.  If any Interest Payment Date falls on a date that
is not a Business Day, such Interest Payment Date will be the
next succeeding Business Day.

     Principal Payment Dates:  Scheduled Maturity Date

     Business Days:      New York

     Calculation Agent:  PepsiCo, Inc.

     Optional Redemption Dates:  Not applicable

     Option to elect prepayment:  None

     Sinking fund:  Not applicable

     Settlement Date:  January 23, 1995

The 7.13% Debt Securities Due January 23, 1996 will be purchased
by the Underwriter at 99.981% of their principal amount, and will
be initially offered to the public at 100.00% of their principal
amount (the "Initial Offering Price").  The Underwriter has
advised PepsiCo that it intends to offer all or part of the 7.13%
Debt Securities Due January 23, 1996 directly to the public
initially at the Initial Offering Price of such Debt Securities.
After the 7.13% Debt Securities Due January 23, 1996 are released
for sale to the public, the offering price and other selling
terms may from time to time be varied by the Underwriter.

For U.S.  federal income tax purposes, the 7.13% Debt Securities
Due January 23, 1996 will be treated as Fixed Rate Debt
Securities, issued without OID.  This treatment is consistent
with the applicable provisions of the Internal Revenue Code of
1986, as amended, and the final OID regulations, which are
generally effective for debt instruments issued on or after April
4, 1994.


               Donaldson, Lufkin & Jenrette
               Securities Corporation

January 18, 1995