Rewarding customers and incentivising purchase has always worked wonders for businesses. In the digital era, most customer-oriented brands have deployed cashback and rewards for their customers that compels them to buy their products more. The proliferation of e-commerce has been a major catalyst in the growth of online payments and the associated rewards. Since buying goods online has become the norm, people have also adopted online payment methods rather than solely relying on COD.
Besides addressing the challenges of traditional payment systems, the online payment platforms also reward customers using cashback and coupons. When was the last time you paid for an order using cash? Well, for most of us it is a thing of the past because making payments using UPI apps or other platforms is far more convenient and fully rewarding. Ever wondered how these companies can provide cashback on your purchase that you wouldn’t get normally? Well, let’s find out!
What are cashback apps?
The primary objective of any cashback app is to provide cashback rewards and discounts to its users based on their purchases and the payment method used. There are various types of cashback applications that deploy different rewarding techniques to incentivise purchase using a particular payment method. Leading cashback apps like Fave App have tied up with select merchants and brand to exhibit their products on their website for the users to purchase. When users go ahead and buy products from select Fave partner brands, they pay online via Fave App’s UPI QR scanner and get rewarded with cashback based on their order value.
How does Cashback Mechanism work?
The fintech revolution has created a paradigm shift by consolidating the concept of a cashless economy. The idea of offering cashback on payments made using a particular method is not a new concept and has existed for a while. Many credit cards offer different cashback and reward points to customers who make payments using credit cards. The advent of digital payment methods like UPI has made cashback quite mainstream. The lucrative deals offered by the UPI apps have made their adoption easier.
The first step in the cashback process starts when the consumer buys a promoted product that makes them eligible for the cashback. Different cashback applications have different steps to help customers earn a cashback reward. Here is a step-by-step method to get your cashback using the best UPI cashback applications.
- The first step in the process involves cashback app download and fill in the relevant information like registration and integration of banking and UPI details.
- Once you have downloaded the app, find a UPI QR code to make your payment using your cashback application. Most retail stores usually have the UPI QR code placed on top of the payment counters.
- Now, once you have found the QR code, the next step is to scan this code using your cashback application and make your payment for the purchase.
- The third step is simple, just sit back and relax till you get the cashback notification on your phone.
Yes, it’s that simple! You don’t have to worry about uploading a purchase receipt or any supporting documents. The cashback will be added directly to your account, in most cases, it is instantly credited without any delay.
How much can you earn?
Cashback app is a technique employed by digital payment apps to acquire more customers. In addition to the cashback rewards, the cost of transactions using these payment methods is also close to zero, making it all the more lucrative. How much reward one earns using a cashback app is very subjective and depends on multiple factors including the purchase amount, UPI portal used, discount available, etc. Diligently using a cashback application can surely help you save a good sum; however, it is not something that you can rely on for any major investments. One should always keep up with the latest deals and discounts to make the most of these applications.
Fave App is one of the leading cashback UPI apps to earn exciting rewards and offers everytime you shop at select Fave partner brands via UPI.
