PayUMoney as the name suggests offers Cashback to customer when online payment is made through PayUMoney.com Payment gateway while shopping online. Maximum Cashback limit is upto 10%. In this case, it will be more appropriate to refer Cashback as indirect discount or reverse discount. In last 2 months, i have received cashback of more than 1000 Rs from PayUMoney as my most of the shopping is online only.
The cashback transactions on PayUMoney are facilitated through e-wallet. e-wallet is used to simultaneously store cashback received from current online transaction & spend/adjust cashback received from previous online transaction in current transaction. Let’s take simple example, if you are spending 1000 Rs (Transaction A) through PayUMoney Payment Gateway for the 1st time (Cashback: 5%). You will receive 50 Rs cashback for Transaction A in your PayUMoney e-wallet. After few days, you decided to buy grocery (Transaction B) through PayUMoney payment gateway. Transaction B is of Rs 800 and assuming you will receive 5% Cashback i.e. Rs 40 for Transaction B. Now while making payment for Transaction B, the cashback of Transaction A i.e. Rs 50 will be reduced from total payment towards Transaction B i.e. instead of Rs 800 you will pay Rs 750 (Amount due for Transaction B – Cashback of Transaction A). The cashback of Transaction B i.e. Rs 40 will be added to your e-wallet which will be adjusted in next transaction i.e. Transaction C. Very simple and straightforward process.
Signup process is very simple on PayUMoney website. Just follow these simple steps to register
1. Click on signup option and enter your email address, mobile no & password
2. Register/Store your Credit Card / Debit Card. It is one time exercise. You can store as many cards as you wish. While making payment, you can select any card which is registered/stored by you in your PayUMoney account. It is not mandatory to make payment only from saved cards but you can also pay through any other Credit/Debit Card or Net Banking facility. At the same time it is mandatory to register 1 Credit/Debit Card to complete signup.
After Registration you are ready to to make payment using PayUMoney Payment Gateway. Currently PayUMoney has tie up with approx 8500 websites. Depending on tie up of PayUMoney with merchant, cashback will vary between 2% to 10%. Let’s check, how to make payment using PayUMoney
1. On Payment page of Merchant Website select “PayUMoney” Payment option from available Payment options.
2. Enter email address and Mobile No (Not required on few merchant sites)
3. You will be redirected to PayUMoney Payment Gateway
4. Enter your PayUMoney email & password
5. On next page, you can select the card from which you wish to make payment or you can pay by any other Credit/Debit Card or Net Banking facility.
6. For Credit/Debit Card Payment enter CVV no and verify the Total Amount, Amount adjusted from e-wallet & cashback from current transaction. After verifying payment details Click on “Make Payment”
7. You will be redirected to either “Mastercard SecureCode” or “Verified by VISA” page depending on your card
7. Enter the code/password and payment is done
8. You will be re-directed to merchant website
The Cashback through PayUMoney is over and above any offer/discount you received directly from the merchant. In other words it is icing on the cake. My favorite quote is “A Rupee Saved is a Rupee Earned” and PayUMoney fits into this framework therefore i will recommend my readers to consider this service. Currently i am using PayUMoney on following e-commerce sites
1. BigBasket.com for Grocery (5% Cashback)
2. easymobilerecharge.com for Mobile Recharge (6% Cashback)
3. bookmyshow.com for Movie Tickets (10% Cashback)
Only catch in this whole bargain is Cashback limit in absolute terms e.g. on BigBasket.com the max Cashback limit is Rs 50 i.e. Cashback only on Purchase of upto Rs 1000. Being a true Indian customer, i found turnaround. If my order amount exceeds Rs 1000 than i place 2 orders to get Cashback e.g. last week, my total order value was Rs 2000 therefore i broke my order into 2 parts of Rs 1000 each and received Cashback of Rs 50 for each order i.e. total 100 Rs instead of 50 Rs :)
Earlier i had Manhattan Platinum Cashback credit card from Standard Chartered Bank and i was missing Cashback feature desperately. Now with PayUMoney i am getting Cashback even on my regular credit card. In other words PayUMoney is a serious threat to Cashback credit cards. Currently what is bothering me the most is when PayUMoney will launch Cashback on offline transactions i.e. POS (Point of Sale) transactions? Keeping my fingers crossed.
Hope you liked the post and HAPPY SAVINGS !!!
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