UPI is rapidly becoming one of the favourite payment methods amongst people. Every bank offers this provision to its consumers to pay through the UPI ID, and these transactions always remain safe and reliable. Recently, every vendor, business, store, and nearly everyone has started accepting payments through apps like Paytm, Google Pay, FavePay, and the list goes on.
Another reason behind the increasing demand for UPI payments is the cashback UPI app is the rewards and deals these apps offer. They have boosted the digital economy of the country by manifolds. Moreover, as these are contactless payments, it keeps you safe against virus spread. A few additional benefits include not worrying about keeping the change or being scared of theft when you have cash in your pocket. But are cashback rewards really that fruitful? Does the cashback UPI apps reward a considerable amount, or does it help find ideal nearby deals? Let’s figure it out.
Is it possible to get rewarded with more than Rs 5 cashback?
The cashback that you get depends on multiple factors. The cashback amount also varies with the value of the payment you make through the UPI ID. People who make every transaction digitally, be it booking the movie tickets, getting salon appointments, making hotel reservations, paying utility bills, and everything else, do get beyond Rs 5 cashback. Let us understand how it works.
Why do the apps offer cashback rewards?
- The idea behind the cashback UPI app is to increase the customer base. They encourage more consumers to pay using their QR codes while finding nearby deals or paying their electricity bills. This way, they get loyal customers and a share of the amount for each transaction done through their platform. That is why users may get a higher value of cashback at the start, and it may keep decreasing as the app gets old.
- Through cashback, the apps earn loyal customers. The cashback reward offered by some apps goes into the app wallet as virtual cash. Though you can use it to buy other things on the platform or make more payments, it doesn’t reflect in the bank account. Hence, through cashback, the app gets a loyal customer who would focus on making frequent transactions to have enough amount in the wallet.
- Some cashback UPI apps credit cashback to your bank account on the next purchase made by you. This way, the app ensures you pay again through their platform, and you get money directly into your bank account instead of the app wallet. T
- These are deals to popularize the app. In addition, many apps offer referral cashback offers for their customers. In an attempt to earn more rewards, you would encourage people in your network to switch to this cashback UPI app, eventually increasing their customer base.
There are multiple reasons why these apps offer such rewards against transactions. For anyone who makes all the transactions through one app, earning more than Rs 5 as a cashback reward is possible. However, it is essential to register on an authentic app that is safe and has good reviews and ratings to its name. So dig deeper, and explore as many options as you. Pick the payment app that works to benefit its consumers together with its growth.
Cashbacks beyond Rs 5 are possible, with some terms and conditions applied. Moreover, with the pace at which these transactions are becoming popular amongst peers, they are more likely to offer more to their users. So, go ahead, find an authentic and safe payment app to make your UPI transactions. Then, pay through UPI app wherever you can and get entitled to gain more cashback rewards.