Indian people are slowly adopting to the digital payments. Demonetization laid foundation for digital payments where corona prompts UPI Payments as a part of our life.
From Tea Stall to chat bandar, all the payments are being done through UPI Payments. To encourage digital payments, UPI providers are also offering attractive rewards and cash backs.
Lately, PhonePe offers online gold purchase scheme through UPI Platform by offering 2,500 rupees cash back. Customers can opt for gold coins/bars even a half gram which would be delivered to the customers address rightly. But the minimum purchase price to avail 2,500 rs cashback is 1000 rupees per order.
This trend attracted the netizens especially the gold lovers. Slowly Indian people are transforming their approach on buying gold.
The UPI Giant PhonePe is receiving bulk orders daily all over India. Especially in Uttar Pradesh, Maharashtra and West Bengal, the sales are at peak levels where Telangana, Karnataka and Maharashtra bags 40% orders of the whole turnover.
This shows, Peoples attitude towards digital payments and as this offer is bumper hit in UPI Payments, we may see many more attractive offers from the digital platforms in the coming years. Recently googlepay offers online fd opening through their app which is also a positive sign for digital payments growth.
As UPI Payment offers are gaining popularity, we may see rewards and cash back bonanza from their respective payment apps in the near future. Hope this would come into Practice sooner!