According to the IMF (International Monetary Fund), India is one of the leading nations in digital payment, reporting over 18 billion transactions every month. It has become possible due to India’s indigenous UPI (Unified Payment Interface). The technology influences many startups, and fintech companies are launching their payment apps, allowing people of India to earn an attractive UPI cashback on their online transactions while boosting the Indian economy.
Now you can find numerous cashback UPI apps, leaving you in confusion about which one to choose to maximize your rewards in an online transaction. Here is the complete detail on how you can accelerate your rewards while exploring the best UPI app.
What Does UPI Cashback Mean?
UPI Cashback is a program to reimburse a small amount of money for your online transactions. The amount can vary from ₹5 to ₹10 on each eligible transaction, depending on the payment app you are using. Some UPI cashback apps may reward up to ₹200 or more, while others pay a fixed amount for a percentage of the payment you make.
You might also be aware that some UPI partners offer a discount coupon on a specific purchase instead of directly paying you cash. Therefore, it is advised to double-check the promotions and offers to maximize your cashback limits.
Understanding The UPI Mechanism In Detail
UPI, created by NPCI (National Payment Corporation of India), offers a seamless online transaction that has completely changed the way people spend. It offers a real-time payment that is directly linked to your bank account. It offers the following features to send, receive, and manage money in real-time.
- Two-factor authentication: UPI follows RBI’s (Reserve Bank of India) direction to work based on two-factor authentication that allows you to link your mobile number to your bank account and generate a UPI PIN for quick and safe authorization access.
- Around-the-clock transfer: UPI offers a 24/7 money transfer service from your bank account without depending on banks’ working hours or days.
- No need to add beneficiaries: It does not require manually adding beneficiaries or waiting for approval before sending money, allowing you to directly send your funds through UPI ID, mobile number, or scanning a QR code.
- Multiple bank account links: UPI allows you to link multiple bank accounts on your online payment apps like BHIM, Google Pay, PhonePe, or your bank’s app.
- Supports bill payment: You can directly make bill payments like mobile recharge, DTH, insurance premium, loans, EMIs, and many more, and win a UPI cashback on a specific payment.
- QR code payment: UPI also provides merchant support through static and dynamic QR codes while ensuring your credibility with fast and error-free payments.
- Interoperability: You can easily send and receive money from one payment app to another using a single UPI ID.
- Request money feature: UPI offers a secure way to request money from another user without sharing your bank details.
Best Way To Earn UPI Cashback
UPI is the first choice among users due to its user-friendly interface, seamless adaptability to various payment apps and banks, and 24/7 payment support. Because of these features, the companies providing only payment apps offer multiple rewards and cashbacks to attract their potential customers. If you want to choose the best cashback UPI app for the best profit, then you must check out the tips below to earn rewards.
1. Pick The Right UPI Credit Card
Paying directly through your bank account can be beneficial; using your credit card for your regular expenses can elevate your UPI cashback. Therefore, it is essential to choose the UPI credit card that easily links with your online payment system. Make sure to choose the card that allows cashback on online shopping and rewards milestone spending on your monthly limit.
2. Link Your Credit Card With The UPI Payment App
Once you have chosen your credit card, link it with your best UPI app for cashback or a bank app. Select the “add account” option to fill in your card details and receive an OTP for authentication. Set your UPI PIN and start using your credit card to get the best deals and UPI cashback on your bill payments and merchant shopping.
3. Plan Your Purchases
If you are going to buy something, make sure to plan your purchase by going through the offers and discounts. Many payment apps offer big cash back and discounts for using credit cards, in addition to the other benefits offered by the shopping sites. Make sure to read all the terms and conditions while comparing the offers to get the best deal.
4. Use For Regular Expenses
Some payment apps offer credit points on each transaction that you can use to convert into a cash reward after a specific time period. So, it is recommended to use your UPI cashback apps for regular payments, such as fueling your vehicle, groceries for home, and utility bills. Using your credit for such billings will leverage you with extra UPI cashback and add up over time to make a big profit.
5. Grab Bank Offers
Keep an eye on limited-time offers for UPI credit card users by the bank, like milestone bonuses or merchant-specific rewards. You can combine these rewards with your best UPI app for cashback. You can even go for festive or weekend cashback campaigns that offer credit-based rewards to maximize your cashback.
Simple Tips To Claim Your UPI Cashback Effectively
Every cashback offer comes with its own T&C and the set of rules to grab it. If you don’t want any disappointment, make sure you understand all the details that the merchant and the best cashback UPI app in India offer with the following steps.
- Explore offers while understanding the terms and conditions and validity periods to utilize them on time.
- Make sure to go through the details, like minimum and maximum transaction requirements, to qualify for your UPI cashback and other rewards.
- Check if the cashback is available for the specific merchant, certain shop, or online platform.
- Evaluate the maximum amount of cashback you can receive from a single offer or from credit points on your UPI apps in India before making your payments.
- Check the limits to use your offers or rewards to save you from any surprises or overspending.
Common Pitfalls To Avoid Any Payment-Related Issues
Grabbing a cashback on your UPI payment can be exciting, but a small mistake or negligence can put you in trouble. In this regard, we have provided some key points that you must notice while using the best UPI app for cashback.
- Keep your account or credit card linked with your UPI payment app to avoid any payment decline or compliance-related issues.
- Always pay your credit card bills on time to avoid nasty interest charges.
- Check your cashback and UPI spending to avoid bonuses that you don’t deserve, which may lead to the monthly cap being exceeded.
Top 5 UPI Apps In India For Best Cashback
With the introduction of UPI technology in India, you can find multiple online payment service companies that offer heavy rewards for using their platform. Some of the best UPI app in India are Google Pay and PhonePe, which have already shown tremendous growth, and due to which they have decreased the cash prize on online payments. There are still some new payment platforms in the market that are offering big UPI cashback on online transactions to attract customers and gain popularity.
CashKaro
It is the top UPI app in India, offering a cashback on shopping with major online stores. The app has partnered with a leading e-commerce platform, allowing you to purchase anything you want while offering additional rewards on each purchase.
Magicpin
Magicpin is a startup company trying to reach customers by providing a point-based reward called “MagicPoints.” You can earn those points by shopping at stores and paying at restaurants and outlets offering rewards and convert them into cash.
CRED
It is the best cashback UPI app, known for responsible financial behavior and paying credit card bills on time. It offers a UPI cashback on the usage of credit cards and CRED coins on each payment, allowing you to convert them into real money.
Paytm
Paytm is a versatile digital wallet that offers multiple cashback offers on bill payments, mobile recharges, and online shopping. It also offers a simple QR code payment method with high-end security, making it one of the best cashback UPI apps.
Freecharge
You can recharge your mobile easily with the Freecharge app. Besides your phone recharge, you can use this app for utility payments and credit card top-ups and get exciting cashback.
Final words
UPI has changed the way we spend on shopping, paying bills, and utility payments, offering a seamless and convenient way for users to transact. The best UPI app for cashback also offers multiple opportunities while using a credit card or directly paying through banks. Some of the best payment credit UPI apps even offer features like access to pay later or a specific credit limit in addition to making payments.
If you want to make the most of your payment app, then consider a credible credit card or online transaction that fits your needs. Use it for your daily expenses to earn points and rewards, and convert them into profits on your daily payments.
FAQs
UPI apps have specific terms that limit your monthly earnings on UPI cashback, limited-time offers, and set a minimum spending requirement.
If you are failing to receive your cashback, then it might be due to the end of validity in the offer terms, processing delays, or technical issues.
Specialized third-party applications like AwardWallet and MaxRewards can be used to track your UPI cashback.
Paytm is frequently used for bill payments and offers attractive cashback rewards on each online payment.
The best UPI app in India rarely has any hidden T&C on its cashback offers; still, it is recommended to go through the fine print that outlines the conditions and limitations.
Most of the online payment apps are designed for Android and iOS, and hence most of the UPI cashback tricks will work on both platforms.
