For me it is the same because we type them in the same field even if we define them in different menu.
Be aware, when tested we can cumulate both via the same field in the cart view.
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No, they are not the same, they are similar in the criteria when you build them but different in how to assign them.
promotions are public, once created any one can use the promotion code for any number of times
while in coupons, you generate a specific number of coupons, each of them has it's unique code which can be used only once.
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