In this digital era, the adoption of UPI (Unified Payments Interface) for seamless transactions has surged, making it the best UPI app for cashback. Unlike traditional methods that require knowledge of bank account numbers and IFSC codes, UPI apps enable instant transfers within seconds. While credit cards, debit cards, net banking, and cash still serve as viable payment options, the unparalleled rise of UPI can be attributed to its exceptional cashback feature.
Today, there are a lot of applications that claim to provide maximum cashback on using their app. But is that true? How do you choose the best UPI app to claim a nice cashback? Here are the ten best UPI apps that you can use to get cashback.
Top 10 List of Best UPI App for Cashback – Founder, Revenue, and Total Downloads
|
UPI App |
Launch Year |
Founder |
Revenue |
Total No. of Downloads |
|---|---|---|---|---|
|
Phonepe |
2015 |
Sameer Nigam & Rahul Chari |
INR 1646 Crores |
Over 500 Million |
|
Google Pay |
2017 |
Developed by Google |
INR 1467 Crores |
Over 1 Billion |
|
Paytm |
2010 |
Vijay Shekhar Sharma |
INR 7990 Crores |
Over 500 Million |
|
CRED |
2018 |
Kunal Shah |
INR 393 Crores |
Over 10 Million |
|
BHIM UPI |
2016 |
Developed by the National Payments Corporation of India (NPCI) |
Not Applicable because it’s the government agency |
Over 100 Million |
|
Amazon Pay |
2007 |
Developed by Amazon |
INR 2000 Crores |
Over 100 Million |
|
Mobikwik |
2009 |
Bipin Preet Singh |
INR 560 Crores |
Over 50 Million |
|
FreeCharge |
2010 |
Kunal Shah & Sandeep Tandon |
INR 287 Crores |
Over 10 Million |
|
Payzapp |
2015 |
Developed by HDFC Bank |
No Details Available |
Over 10 Million |
|
Jiopay |
2016 |
Mukesh Ambani |
Not Publically Disclosed |
Over 100 Million |
What does UPI Cashback mean?
UPI cashback is a promotional reward for the user when they pay. These offers provide a certain fixed amount of cashback on eligible transactions, effectively reducing the overall cost of the transaction. When a purchase, a bill payment or a money transfer is made, Rs. 5 to Rs. 10 is sent into the user’s bank account. The amount of reward granted to the user may vary. In case you are lucky, it may range from Rs. 5 to Rs. 200.
UPI cashback comes in various forms, such as flat cashback, per cent-based cashback, tired cashback and specified category-based cashback. Each offer has its terms and conditions, including minimum payment amount, maximum cashback limit, etc.
Now that you know what UPI Cashback is, check out the list below of the Best UPI apps you can use to get the best cashback in 2023.
10 Best UPI Apps for Cashback
1. PhonePe
PhonePe
First on our list is the very well-known PhonePe, a popular UPI-based payment and financial service platform in India. PhonePe allows bank-to-bank money transfers and recharges, DTH, electricity, prepaid, postpaid, landline, broadband, gas insurance, etc. payments.
Features:
- Easy interface – PhonePe has an easy interface, making it most efficient for all merchants.
- Autopay of bills – PhonePe provides an auto payment service with only one user’s permission. The app will automatically make the payment for you. However, this service can also be turned off.
- Cashback and rewards – PhonePe offers promotional cashback offers to encourage users to make payments through their app. This cashback amount is transferred to the wallet balance of Phonepe wallet, which varies from person to person and offer to offer.
- Rewards can also be earned through scratch cards, coupons, or other offers.
|
Pros |
Cons |
|---|---|
|
With PhonePe, one can add several bank accounts and effortlessly handle them with one account. |
There’s no option for a secure login. |
|
The app is rewarding, meaning you get a scratch card every time you pay. |
Sometimes, a transaction may get stuck for a long time. |
|
Good customer service so that you can quickly solve any problems you face using the apps. |
In case of cancellation of a ticket booked from Phonepe, the money is not refunded. |
Website: https://www.phonepe.com/
2. Google Pay
Google Pay
Next one is the Google-developed Google Pay, also known as GPAY. It is a widely used platform for money transferring and earning rewards and cashback.
Features:
- Security – Gpay provides high security that includes encryption, passcode protection, and even transaction verification to ensure that each payment is safely made.
- Online shopping – one can easily shop online from any e-commerce platform with gpay. It’s often awarded cashback and various discounts on every bill made.
- Rewards and offers – gpay has various special rewards and cashbacks for those who make payments using gpay. Gpay offers cashback during festivals. After every transaction, the user is rewarded with a digital scratch card. The user scratches this card and claims their reward.
|
Pros |
Cons |
|---|---|
|
Easy setup and use |
Not always accepted at every stores |
|
Highly secured |
Not as effective on all phones |
|
It can be carried on a smartphone or smartwatch |
Concerns data privacy |
Website: https://pay.google.com/
3. Paytm
Paytm
Paytm is one of the most popular Indian mobile payments platforms offering many features and services. With quick and easy online payment acceptance, transactions have become effortless and trustworthy for users.
Features:
- User-friendly interface: Paytm has a very easy, user-friendly interface. Users can easily scan the QR code and quickly head towards the transaction process.
- Recharges and Bill payments: Paytm has made bill payments very easy. Users can easily recharge their phones and pay electricity, water, gas, and insurance bills through their Paytm app without additional fees.
- Deals and cashback points: Users are rewarded with deals and cashback points on completing a payment. These can be used on future purchases. This feature attracts users looking for money savings on a purchase.
|
Pros |
Cons |
|---|---|
|
Making bill payment |
Icons are congested |
|
Flight booking is possible |
Features need to be properly sorted |
|
Credit card payment is possible |
The interface can be better |
Website: https://paytm.com
4. CRED
CRED is a financial technology-based company that rewards its members for quickly clearing their credit card bills. It also provides a house rent payment feature and many short-term credit lines.
Features:
- Credit card management: A user can link and manage multiple cards on the CRED app. Due to this, user can easily track their credit card transaction, due dates and credit card limits.
- Expense tracking: CRED provides a platform where users can easily track how they spend their money, helping the user understand and make better financial decisions.
- Cashback and rewards: CRED provides unique rewards in the form of CRED coins for making credit card payments on time. These coins can be redeemed as per user’s requirement.
|
Pros |
Cons |
|---|---|
|
Flexible Credits |
Hidden Charges |
|
Repay borrowed money in installments |
High-interest rates |
|
Earn rewards and benefits |
Credit card frauds |
Website: https://cred.club/
5. BHIM UPI
BHIM UPI
BHIM (Bharat Interface for Money) UPI is a mobile payment app based on NPCI’s UPI. The app requires the user to fill up their financial information before making their payments. It lets you make easy and quick payments using UPI.
Features:
- Security: BHIM UPI is one of the most secure payment service apps. It incorporates UPI pin authentication and two-factor authentication to ensure secured payments.
- Aadhar integration: Users can link their Aadhar number to this app for Aadhar-based payments.
- Cashback and offers: Reward is granted to new users of the BHIM app who download the application, link their bank accounts to the BHIM app and make ten successful unique transactions through the app.
|
Pros |
Cons |
|---|---|
|
The safest UPI app created by the Indian government. |
Problems occur in OTP generation |
|
Hindi and English versions of the app are available |
The daily limit is Rs. 20,000 |
|
The software features a QR code scanner to scan and pay |
Website: https://www.bhimupi.org.in/
6. Amazon Pay
Amazon Pay is an online payment service provided by Amazon that focuses on providing payments to external merchant websites with an Amazon account. It helps in making bill payments and accepting invoice amounts from customers.
Features:
- One-click purchasing: Amazon Pay allows users to buy a product and pay in just one click. App switching is not required.
- Amazon Pay Later: Amazon allows customers a ‘pay later’ option. Customers can buy a product now and pay later.
- Cashback and rewards: Amazon Pay offers various offers on various products.
|
Pros |
Cons |
|---|---|
|
It is fast, reliable and easy to use |
More time is spent shopping |
|
It offers a simple way to check out payments and manage them. |
Many websites do not offer Amazon pay service |
|
It is secure and easy to download |
Website: https://www.amazon.in/amazonpay/home/
7. MobiKwik
MobiKwik
MobiKwik in Indian digital wallet and finance technology. It is the largest Buy Now Pay Later (BNPL) fintech. Its focus is mainly on addressing the unmet credits of fast-growing digitally paying users by combining the convenience of everyday mobile payments with the benefits of BNPL. This platform also enables payments via UPI. Mobikwik has also launched MobiKwik zip, which focuses on the middle-class population of India to make their daily payments simple.
Features:
- Mobile wallet
- Recharge and bill payments
- Online shopping
- Digital credits
- Offers and discounts
|
Pros |
Cons |
|---|---|
|
It is widely accepted all over the country |
It comparatively has a smaller merchant network |
|
It provides attractive offers, discounts, and cashback rewards |
The UI is not very friendly |
|
Allows a user to pay their bills conveniently. |
Website: https://www.mobikwik.com/
8. FreeCharge
FreeCharge is the simplest and fastest mobile payment to recharge online for prepaid and postpaid, DTH, electricity bills, gas bills and so on. It’s an Indian finance services company. Not only bill payments but Freeharge also allows you to invest in mutual funds and get credit through Freecharge EMI.
Features:
- Fast and secure transactions
- Bill reminders
- Bill splits
- Autopay
- Cashback offers
|
Pros |
Cons |
|---|---|
|
Increases purchase power |
Hidden cost |
|
Pay rent and other expenses quickly |
Over-spending control feature is not there |
|
EMI Advance Reminder |
Website: https://www.freecharge.in/
9. Payzapp
Payzapp is an online payment app and digital wallet launched by HDFC Bank. It enables you to make digital payments for various online and offline services without using your credit card or banking accounts. Payzapp card is an app that makes digital payments convenient. PayZapp Card is a rewarding way to pay – with loads of discounts, sign-on bonuses, loyalty points and cash backs.
Features:
- Travel and Entertainment
- Customer support
- Refer and earn
- Autopay
- Cashback offers
|
Pros |
Cons |
|---|---|
|
It is good for purchasing flight tickets and shopping online |
A transaction fee of 3.5 % of the transfer amount is charged |
|
Users can get an extra 5% cashback in Payzapp |
You cannot use these features if you use a Payzapp wallet but have yet to finish full KYC |
Website- https://v.hdfcbank.com/payzapp/index.html
10. JioPay
JioPay
As part of Reliance Jio, Jiopay is a digital payment and finance service that facilitates quick and simple transactions without complicated processing. Jiopay allows payments from digital mode, including cards of all types, UPI, net banking, and BNPL. JioPay products are tailor-made to the business needs of merchants in Bharat.
Features:
- Mobile wallet
- Recharges and bill payments
- Security
- International transactions
- Cashback and offers
|
Pros |
Cons |
|---|---|
|
Convenient in operation |
Network connectivity issues |
|
Low transaction fees |
Dependency on smartphones |
|
Extra secured layer of protection for data |
Website: https://www.jiopay.com/
Conclusion
Thе group of UPI apps has transformed how we manage our finances and make payments. The convenience, speed, and security they offer make them indispensable tools in our daily lives. Moreover, these 10 UPI apps have proven to be the best when it comes to saving money through cashback offers.
Howеvеr, thе best UPI app for cashback ultimately depends on individual preferences, spending habits, and thе offers available at any givеn time. It’s essential to kееp an eye out for thе latest promotions and to еxplorе diffеrent apps to maximize your savings.
FAQs
1. Which is the best UPI app for cashback purpose?
Google Pay is considered as one of the best UPI App due to its feature of cashback on every transaction, while others are also considered as good such as PhonePe, Paytm, etc.
2. How many transactions in a day can be done through UPI?
Within a span of 24 hours, anyone can do maximum of 10 transactions through UPI apps, considering all the bank accounts.
3. Can there be multiple UPI accounts linked to a bank account?
Yes, there can be maximum four UPI accounts linked to a bank account for the purpose of payment and secured method too.
4. What is the maximum limit of transaction through UPI app?
Any user can do maximum transfer of Rs 1 Lakh at once through any UPI app, and then the cycle gets refreshed after 24 hours of the payment done.