Finally, Phonepe is taking head-on to the Google Tez. To counter the reward scheme of the Google Tez and BHIM app, the Phonepe has launched the Cashback scheme. Its cashback scheme is more generous than the Google Tez. Following are the salient features of Phonepe Cashback Rewards Scheme.
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- 1 Features of Phonepe Referral Cashback Scheme
- 2 How To Refer Phonepe Wallet
Features of Phonepe Referral Cashback Scheme
Reward For Referral
The Phonepe Would give the reward to its use for promoting the Phoenepe App. A user would get the cashback for the referral of Phonepe. Each referral would earn cashback. The Google Tez has reaped rich dividends from a similar scheme.
Both Would Get Reward
Not only the referrer, the referred friend would also get the reward. The reward to the new user may be much higher. It is similar to the scratch card scheme of Tez.
Referrer Would Get ₹75
You would get ₹75 for each referral.Now, you know that Phonepe is spending at least ₹75 for acquiring a new customer. The Tez is giving ₹51 for each referral.
Cashback Limited to 100 Referral
You would get the cashback for the first 100 successful referral. Any extra referral would not give you any amount. Thus, you can earn upto ₹7,500 from this scheme.
Bank Account Linking is a Must
You would get the referral cashback only if the referred friend links his/her bank account with the Phonepe. This linking should be through the UPI platform. The UPI is mobile-based instant fund transfer platform.
Referred User should be Unique
To get the Phonepe cashback the referred user should be unique. If the user has earlier linked the bank account with UPI, the referrer would not earn any cashback.
Cashback in 24 Hours
The phonepe would credit the cashback within 24 hours of the bank account linking with the phonepe.
No Cashback to bank Account
The Phonepe would credit the cashback to your phonepe wallet. You can’t get it back into the bank account. Rater, you have to use the balance for recharges and purchases through the Phonepe wallet.
How To Refer Phonepe Wallet
Use Referral Link
To refer Phonepe to your friend you have to use the referral link. That would be sufficient. Unlike Google Tez, there is no need to enter the referral code. The referral link is a better way than the code. You can share this link through the WhatsApp, mail, SMS or any other means.
Everyone Has A Referral Link
Every Phonepe Wallet User has its own referral link. This link is unique to every user. In this mechanism, you would get cashback for the users who have downloaded the Phonepe through your link.
Referral Link in ‘My Account’ Section
- You can find your referral link the My Account section. It is at the bottom strip.
- In my account page, search for Invite and earn. Tap on the section.
- Now you can see referral link. You can copy this link or share it directly from there. In my case the invite link is https://phon.pe/ru_chanew13b.
- A new user must download the Phonepe app by clicking on the invite link. This would make him eligible for cashback reward. For a referrer to get cashback the new user must link the Phonepe App with the Bank account.
The Flipkart promoted Phonepe is one of the best UPI apps. It is very user-friendly and gives you many facilities. In fact, before the Tez, it was the fastest growing UPI app. But, the Google Tez Rewards scheme has changed the equation. Hence, Phonepe was forced to come with its lucrative cashback scheme. Meanwhile, the BHIM app is also giving a ₹51 reward to the first-time users.
This highly competitive environment has been beneficial for the common man as fund transfer has become not only free but also it gives some income. The UPI fund transfer is free. This competition would become more fierce once Whatsapp Pay is fully launched. As It would be a real challenge to Phonepe and Paytm.