Do you use PhonePe? You need to see this.By Saket Kumar Das
July 12, 2020
Do you find yourself belonging to the mass suffering from the epidemic of PhonePe money transfer funda that lets you earn little tokens of 50- 100 after sending money to at least 20 users, then you are ought to know how you are being manipulated into being a money-making machine.
PhonePe is a financial technology company headquartered at Bangalore. It provides online money transfer service through the platform on Unified Payment Interface (UPI), which is a new process in electronic fund transfer launched by National Payments Corporation of India (NCPI). It is licensed by the Reserve Bank of India for issuance and operation of a Semi Closed Prepaid Payment system.
Here's how PhonePe earns
It promotes brands through it.
PayTM is accepted almost everywhere, so you might be going to a Big Baazar instead of Spencer’s or DMART as its nearer. But then you check out PhonePe, which gives you flat 15% cashback, on not one, but for three purchases. Think about changing your mind?
PhonePe earns on recharges and bill payments as it acts as a gateway to all major brands and corporations. It earns from YesBank as a data miner, providing Yes Bank with analytics to target their products to PhonePe users (Non-malicious for sure) Flipkart saves a lot of money channeling more payments through PhonePe instead of external Gateways.
Why so many transactions?
The reality about so many transaction is that PhonePe currently is doing such and suffering losses. Then why is it doing so? The main motive of the company is to INCREASE its user database. That means, it is trying to accumulate as many users as possible. The main reason is to make the company India’s strongest player in online transaction and create a monopoly. And you are contributing for the cause 😉