The Unified Payments Interface, UPI, is a system that merges several banking features, seamless fund routing, and merchant payments under one roof. Moreover, it caters to “Peer to Peer” collect requests, customizable, and paid as per the requirement. Furthermore, users can earn a UPI app cashback offer while they shop, pay bills, recharge mobiles, or book tickets and hotels through the UPI payment application installed on their mobile.
What is Cashback?
Cashback is a percentage benefit received by the credit card and debit cardholders upon qualifying eligible purchases. In most cases, the app has a cap on the cashback amount a cardholder can earn through promotions or quarterly programs. The modern payment methods, the UPI applications offer assured cashback rewards upon shopping, dining, and booking from their partner brands.
What are Cashback reward Programs?
Everyone wants to save money while shopping. If you are one of them, then signing up for a cashback rewards program is an excellent choice. You can earn cashback rewards from various programs, including debits cards, credit cards, cashback apps, UPI payment applications, and more. The types of rewards differ greatly depending on the programs you want to join.
The Working of the Cashback Rewards Programs
Since UPI’s inception with demonetization in 2016, it became hugely popular as non-bank players entered the payments space hugely. The growth of UPI payments rose due to the cashback and other benefits received by the users.
The working of the cashback rewards programs depends on the type of program in which you enrolled yourself. You can receive UPI cashback offers if you are paying bills or recharging mobile, cables, and gas by scanning the UPI QR code with the app. Often some UPI applications offer cashback to the new users in the form of incentives and make payments using the application.
After the user completes a transaction, the UPI payments apps reward the users with a certain amount of cashback. This cashback is credited to the user’s bank account on his next transaction. Some apps also send reminders about the expiring rewards so that the users never waste them. However, the amounts received by the users are random.
How much Cashback Can You Earn?
The amount of cashback you can earn depends entirely on a couple of things:
- The app you signed in, and
- the amount you spend. You earn cashback only when you spend.
Therefore, whenever you select a cashback app, check if you can earn cashback benefits without altering your normal spending habits. You can earn cashback without spending over your budget in such a scenario. If the app does not suit you, try another option that better suits your lifestyle.
How to Earn Cashbacks Rewards through UPI Payments?
Today, UPI emerged as the most popular payment method among Indians. UPI payment applications are simple to use and make transactions, as you can find the UPI QR code payment method nearly everywhere. Moreover, some UPI mobile applications reward the users with UPI cashback offers to carry out more transactions through the applications. Over the past few years, users have continuously received several vouchers, discount coupons, and cashback for thousands of rupees.
Some apps offer assured cashback. So regardless of the amount, if you pay to a partnered merchant, you will receive UPI cashback rewards. It is not the brand that pays you. Instead, it is the UPI app that returns you the specific percentage amount so that you adopt and follow a particular payment behaviour. Today millions of offline businesses rely on UPI apps for receiving cashless payments at their stores.
Things You Must Remember While Earning Cashbacks
You receive reimbursement for a specific amount of money you already spent. Unfortunately, some cashback programs come with hidden fees. In some cases, the cashback programs give better deals and offer cashback on specific items, which you often do not purchase. If that is the case, you might spend more than usual on unnecessary items to earn more rewards.
However, you will never have to bother about paying any hidden costs with a good cashback app. Therefore, research well and download the best app to enjoy hassle-free payments and cashback.