Recently, Prime Minister Narendra Modi announced what may become the government’s largest referral scheme. At the launch of Aadhaar-BHIM digital payment app last month, Modi announced that any customer who recommends BHIM to another person would get a bonus of Rs Rs 10, if the referred person conducts a minimum of three transactions worth Rs 50. Besides, it also promised Rs 25 for each referred customer for completing these transactions. The referral bonus is expected to put it in the same category as other e-wallets. The government may be new to this idea, but brands have been using it for long to promote their products. Here are a few referral schemes that can put more money in your pocket.
Uber rewards drivers more handsomely—under UberDOST each driver referral from a person completing a fixed number of trips within 120 days can earn the driver Rs 3,000-Rs 5,000—users can also take advantage of the referral programme. So, recommending a Uber ride can earn you Rs 150 per friend as Uber gives you Rs 50-75 off for each of your next three rides with a validity of three months. More important, your friends get the same reward for their three rides if they use your invite code. With a discount on each ride , and assuming one takes two rides a day, one can earn a maximum of Rs 3,000 by referring friends. Similarly, Ola gives the new customer and the referrer Rs 50 each.
Travel companies also run referral programmes for their apps. If you have signed into Goibibo you are looking at Rs 1,000 in Gocash—much like a wallet—for each referral and the new customer gets Rs 3,000 for using the app. It also allows you to sync your contact book so that you get Rs 50 in Gocash when any of your contacts make a booking on Goibibo. However, the wallet balance cannot go beyond Rs 10,000 and there are also limits to how much money you can earn in a day. Makemytrip rewards are only up to Rs 7,000 and one earns Rs 600 for a successful referral and `800 for a booking. The friend in this case earns just Rs 1,200.
Credit card referrals
As the game gets bigger, so does the money. Unlike cab or travel referrals, you can get a credit card bonus if someone signs up for the service and even if he doesn’t use it. As card companies often levy a fee in terms of annual charges they can very well pay for each successful conversion. Citi, for instance, offers up to Rs 9,999 for five referrals, paying Rs 2,000 per referral to its customers.
Loyalty programme referrals
Much higher placed in the hierarchy are loyalty referral programmes. Often run by services like hotels and restaurants, these offer healthy rewards when you can get people to sign up for them. For instance, many hotels would offer you a free membership card if you would make five successful referrals.