Rise Of Cashback Programs In India: How To Make Use Of Them
The rise of cashback programs in India has been phenomenal in the past few years. With the advent of e-commerce and the increasing adoption of digital payments or scan and pay apps, cashback programs have become attractive for retailers and payment service providers to incentivize consumers to shop more. Now, we will discuss the rise of cashback programs in India and how to use them.
Cashback programs are loyalty programs that offer customers a percentage of their spending back as cash. Cashbacks are typically credited to the customer’s account after a certain period and can be used to pay for future purchases. Cashback programs are popular with retailers and customers because they offer a win-win situation. Retailers benefit from increased sales and customer loyalty, while customers benefit from cashback rewards.
One of the primary reasons for the rise of cashback apps like Zingoy is becoming popular in India because of the growing popularity of digital payments. According to a report by the Reserve Bank of India, the total number of digital transactions in India increased from 13.5 billion in 2014-15 to 34.3 billion in 2018-19. With more and more people using digital payments, cashback programs have become an effective way for payment service providers to encourage consumers to use their platforms.
Another reason for the rise of cashback programs in India is that a cashback app can help a brand grow by marketing and attracting customers. Cashback has proven to be an effective way to achieve these goals. By offering cashback rewards, retailers can incentivize customers to shop more and keep returning for more.
So, how can you make use of cashback programs in India? Here are some tips:
- Please choose the right cashback program: Many cashback programs are available in India, and thus it takes work to choose the right one. It would help if you looked for a program that offers cashback on the products or services you use frequently. Also, consider the terms and conditions of that cashback offer before availing, such as the minimum spending requirement and the expiry date of the cashback.
- Use credit cards wisely: Credit cards are a popular way to earn cashback rewards. However, it is essential to use them wisely to avoid accumulating debt. Make sure to pay your credit card bills on time and in full to avoid interest charges.
- Use cashback to pay for future purchases: Cashback rewards can be used for future purchases, and make sure to use them before they expire. You can also consider using cashback rewards to pay utility bills or other expenses.
- Compare cashback programs: It is good to compare different cashback programs to find the best one for you. Look for programs with the highest cashback percentage and the most flexible terms and conditions.
In conclusion, the rise of cashback programs in India is a trend that is here to stay. These programs offer an excellent opportunity for customers to save money while shopping. By choosing the right program and using it wisely, you can make the most of cashback rewards and save a considerable amount of money in the long run.