If you use a digital payment app such as Google Pay, PhonePe, Paytm or Mobikwik and are accustomed to using a credit card at the same time – it is recommended to link your credit card to one of the UPI apps. This can be done seamlessly through RuPay Credit Card. Almost all banks have mapped their credit cards to RuPay functionality, thus enabling these cards to route payments via UPI apps.
Most of these UPI apps provide cashbacks and rewards on their usage. These rewards are of different types and can be redeemed differently.
Here, we list out details of these apps and different ways in which they can be redeemed:
I. Google Pay: It offers scratch cards and cashback. These offer variable rewards and users can earn cashback through scratch cards on eligible transactions. These are directly credited to the bank account.
II. PhonePe: It offers cashback on certain merchants on certain instruments and bill payments. These are credited to the PhonePe wallet which can be used to make payments only while no withdrawals are allowed.
III. Paytm: Its rewards are given in form of cashback and referral bonuses. It offers upto ₹75 cashback on UPI transactions, ₹50 per successful referral. These cashback and referral bonuses are credited to Paytm wallet.
IV. CRED: It offers occasional 100 percent cashback promotions, rewards for timely credit card payments. They are redeemable for products, services or experiencers via the app. They focus on rewarding responsible financial behaviour with premium offers.
V. Mobikwik: Mobikwik offers cashback and rewards on various transactions while the exact amounts vary. They are redeemable for bill payments, recharges and more within the app. It offers a blend of wallet services with UPI functionality.
VI. POP: POP offers reward points in the form of Popcoins. In terms of value, it offers 2 percent POPcoins on UPI transactions and upto to 10 percent on online shopping with RuPay credit card. They are redeemable for various rewards within the app. They are designed for every transaction.
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