Guide on which Payment App will give you a higher cashback in 2022
In today’s digital world, payments can be made on the go. There is no requirement to carry cash, debit/credit cards, remember passwords and pins while stepping out to shop. With a smartphone, it’s simple – scan and pays when ready. For a successful transaction to go through, having a payments app on both sides is all that is needed. But what happens when you get rewarded for using such payment apps? These rewards, commonly called cashback, are one of the popular promotional tactics which benefit customers and businesses alike.
There are many advantages of cashback offers: whether it’s mobile cashback offers or other UPI cashback offers, customers can make money, and merchants can increase their sales. On the one hand, customers are happy to get rewarded for making the same payment, and retailers do not have to give special discounts or devalue their products. On the other hand, cashback applies to any market segment and improves customer insights while creating larger sales volumes. Today they are widely used while making payments for a large basket of goods and services: at all kinds of stores, fuel stations, restaurants, utility companies, e-counters, ticket bookings, insurance payments, loans, and even investments. They are also actively offered education to pay college fees, security, health care, membership fees, and donations.
The market for mobile proximity payments and digital payments overall is growing exponentially. So all payment apps are wooing their users to sign up and use their customized apps for making all of their expenses. One has to download it from the Apple Store or Google Play store to start using it. Though there is no charge for doing so, there is fierce competition amongst them. Mobile cashback offers or other UPI cashback offers are one way to distinguish themselves and earn customer loyalty. Other distinguishing features are increasing their partner’s and banks’ networks, coming out with regular upgrades, continuously improving their user experience, adding more services and benefits.
Some apps credit the cashback offered into the linked bank accounts directly or to a wallet or pay balance account, while others offer cash against future payments. To increase market share, referral incentives where both parties get cashback are prevalent.
Popular payment apps:
- PayTM – An early entrant into the Indian market. Has a well-established network and even has a payments bank approval. Using this app, you get mobile cashback offers, make UPI transfers from one bank to another, and get awarded digital smart cards, discount coupons, and offers from all your shopping experiences.
- Google Pay (Tez) – Offered by Google. Offers cashback as digital smart codes for referrals.
- Phone Pe – Owned by Flipkart and quite popular. Cashback is credited to a wallet after a particular transaction.
- Amazon Pay – Owned by Amazon. Cashback is stored as Amazon Pay Balance which can be used later in paying bills or making a purchase with any of their partner retailers.
- Freecharge – Owned by Snapdeal. Allows linking of PhonePe and JioMoney accounts.
- Individual store apps – Owned by individual retailers for online shopping at their own stores and for making payments using their own apps.
Many countries around the world are enabling their payment infrastructure to become paperless and become digital economies. In that context, the payment apps must follow the land rules and make country-specific changes and upgrades to their payment apps. Which app works for you and benefits you by giving you higher cashback offers on your shopping and payment habits. Given data security and privacy issues, a few are hesitant to use payment apps for making payments. But then they are missing out on exciting mobile cashback offers and other UPI cashback offers from vendors like fave india.