How me and my friend managed to exploit their current “Cashback offer”
PhonePe is a UPI app which now offers an exciting 50% cashback up to Rs. 150 for your first transaction through the app. And on top of that, they are also providing a Rs. 50 complimentary gift to the user when they invite someone and they join the app to make their first transaction.
So basically, they are offering a total of Rs. 200 for “free!”
PhonePe is a UPI app, so we can easily transfer money to different account just like how PayTM works.
So my and my friend sat together. My friend first installed the app and invited me through the invite link which he generated and I installed & joined using the same. Now I just has to transfer Rs. 300 to my friend’s account to earn the Rs. 150 cashback. So I linked my bank account and transferred Rs. 300 to my friend and boom! My account is credited with Rs. 150 and my friend’s account got an additional Rs. 50 as well for making my first transaction. We both just has to draw the money from the PhonePe app to our respective bank accounts. Which is very easy and can be done within the app as well.
Rs. 200 for simply installing and window dressing a transaction!
I’m quite sure that PhonePe is well aware of this vulnerability but they just keep it open to promote their system. Hope they’ll success without much (cough) loss.
But as a gratitude, I’ve decided to ditch PayTM for a while and try to stick with PhonePe for making some of my usual transaction which I normally do with PayTM. So PhonePe, thank you for your Rs. 200 and Good luck!