Convert Your PAYBACK Points Into Hard Cash

PAYBACK Points is an Indian rewards program that you would not have joined voluntarily but would have been forced upon you either by your bank or another merchant where you spent some money or did some shopping. I got my first PAYBACK membership courtesy ICICI Bank. Later a few more PAYBACK memberships got added and before long, I had a total of four PAYBACK membership cards. My recent shopping at Bangalore Central got me my fifth PAYBACK membership card. So, its a total of five PAYBACK memberships that I know about. Yes, it is entirely possible that you have a PAYBACK membership and you do not even know about it. It was no big deal. Well, my friends, something about PAYBACK has recently changed and you may find it exciting. I have found a way to convert my otherwise useless PAYBACK points into hard cash. Yes, it is possible and very easy too. In this article I will share the secret with you but before that I need to cover some essential info...

Get Cash Against Your PAYBACK Points

How To Earn PAYBACK Points

Once you get a PAYBACK membership, you start earning points depending on how much and where you spend. The following businesses in India use PAYBACK rewards program:

1. American Express Bank
2. ICICI Bank
3. eBay India
4. Makemytrip
5. Big Bazaar
6. BookMyShow
7. eZone
8. Central
9. Rare Rabbit
10. MobiKwik
11. Brand Factory
12. Perfumes2order
13. Wandertrails
14. Foodhall
16. Hindustan Petroleum
17. Voylla
18. Surat Diamond Jewellery
19. Hotel Formule 1
20. Naaptol
22. Food Bazaar
23. HomeTown Furniture
24. Oxigen Wallet
25. FLF

More merchants may get added or some may even leave the program before you read this article so to get the updated list of merchants, please visit this page:

The number of PAYBACK points earned for every Rs. 100 spent at any of these partners will depend on the arrangement that PAYBACK has with these partners.

Where To Redeem PAYBACK Points

There are two broad channels of redeeming your PAYBACK points - Shopping against your points from the PAYBACK Rewards Catalogue, and redeeming the points at partners. The first option of redeeming from the rewards catalogue is best avoided. I once redeemed 800 points to order a baby feeder bottle from the catalogue. I eventually received a bottle that had an MRP of Rs. 45. I had felt cheated. Then ICICI Bank decided to rub salt on my wound by deducting Rs. 28 from my Savings account as service charge for this redemption. It was a disaster and after that incident I had thrown PAYBACK rewards program out of my mind. Today I am wiser. If I had 800 PAYBACK points I would convert them to Rs. 200 of real money at the rate of Re. 0.25 for every point. ICICI Bank may still charge me Rs. 28 (another fraud) but I will just ignore that. If this ICICI Bank charge is confusing you, this is what I know about it. If the PAYBACK membership number that you are using to redeem points was issued to you in the first place via ICICI Bank, the  you are likely to end up paying this Rs. 28 charge for every redemption no matter where you do the redemption and for how much. Suppose you redeem some points at eBay or MakeMyTrip and get a benefit of just Rs. 10, ICICI Bank will still take Rs. 28 from your Savings account. That is why I call this a fraud. Coming back to redeeming PAYBACK points, once you have avoided their online catalogue, taking a look at their redemption partners will not hurt. Generally speaking their earning partners are also the redeeming partners. Here is the link to the list:

Why Not Take Cash

Redeeming PAYBACK points at a partner establishment will not be without being subjected to "Terms and Conditions" and that is why this option of taking cash in exchange for the points is the best way to go. Read on...

MobiKwik Wallet

After the demonetisation of high value Indian currency notes in November 2016, I started using a few online wallets and MobiKwik was one of them. That is where I discovered that my accumulated wealth in several PAYBACK membership cards was not so useless after all. MobiKwik Wallet allows you to convert all your PAYBACK points from all your PAYBACK membership cards into hard cash at the rate of 25 paisa for every point. 1000 PAYBACK points add a real Rs. 250 to your MobiKwik Wallet balance.

Your Phone Number is Important

Your MobiKwik account is linked to a unique mobile phone number. Similarly, your PAYBACK account is also linked to a phone number. As long as these two phone numbers match, you get access to all your PAYBACK memberships via your MobiKwik account.

What If The Phone Numbers Do Not Match

You have the option of linking your MobiKwik mobile number to your PAYBACK account. Call their helpline at 1860-258-5000 for assistance or use the online help on their website to generate a new PAYBACK PIN. This PIN number is mailed to your email ID that was entered into the PAYBACK records at the time of your enrolment into the program. Calling the helpline maybe an easier option. Once your phone number associated with the PAYBACK membership is the same as the one in your MobiKwik account, the PAYBACK card will start showing in your MobiKwik account. If it does not show automatically, there is the option of "Add Card" in the MobiKwik dashboard. All you need to do is, enter the PAYBACK card number and your current PAYBACK balance on that membership will instantly show in terms of its Rupee value. My MobiKwik account currenctly shows all my five PAYBACK membership numbers.

Steps To Convert PAYBACK Points Into MobiKwik Cash

1. Go to the MobiKwik Website. Login using your mobile number or email and the subsequent OTP that will be sent to you. After the login is successful, you will see the following screen. Look for "PLUS" sign in the right hand corner as shown in the image below:

MobiKwik Wallet Balance Display

2. Click on the Plus sign. You will come to another screen where in the Top-Center you will see the "REDEEM" link. Click on that.

Redeem PAYBACK Points For MobiKwik Balance

3. A list of all your PAYBACK memberships along with the balance in Rupees in each of the cards will get displayed. There will be the redeem button next to each of the card numbers. Click on Redeem.

PAYBACK Cards Showing in MobiKwik Wallet

4. The redemption drop down will open where all you need to enter is the PAYBACK PIN number. If you do not know the PIN, the "Forgot PIN" link is right there. You will receive the reset PIN number in your email within a few minutes. You may also reset the PIN by going to the PAYBACK website. It does take a few minutes for the new PIN to arrive so be patient.

Redeeming PAYBACK Points For MobiKwik Cash

5. Once the correct PIN is entered in the MobiKwik redemption drop down, the cash gets credited to your Mobikwik wallet. It happens instantly. You can withdraw your MobiKwik balance to your bank account by paying a 4% service charge or use this balance in full for shopping or mobile / DTH recharge or bill payments etc. See, it is simple. PAYBACK points to real money. A pointer here: MobiKwik option of withdrawing balance to your bank may not work so easily. It did not work for me because I got an error message like "Sender's name is a must". But I was able to use my MobiKwik balance for shopping and merchant payments online easily.