Home » Cashless Payments Knowledge Hub » Remittance Apps With Cashback, Rewards & Loyalty Programs: What Should You Look For?
Sending money – a phrase so simple, yet something that means so much to anyone working or living in the UAE. For many households, sending money home carries a sense of hope, commitment and security.
Digital remittance has made it possible to initiate international money transfers digitally. As sending money home becomes a part of regular financial routines, remittance apps are also introducing cashbacks, rewards and loyalty programmes that add value to transactions.
But rewards aren’t the only thing to consider. Exchange rates, transfer fees, security, reliability and the amount your recipient receives still matter.
Payit by First Abu Dhabi Bank (FAB), offers international money transfer services for eligible UAE residents. Through Payit Rewards, customers can also earn Reward Points on qualifying international money transfers and other eligible activities across the Payit ecosystem.
In this article, we look at how remittance rewards work, what to consider when comparing them and how Payit Rewards can add value to qualifying transactions.
Rewards on remittance apps work mainly to encourage users through reward systems based on their transfer activity. Not every reward works the same way; understanding the differences helps you know what your reward is actually worth.
Cashback is a monetary benefit offered on qualifying transactions. Depending on the campaign, it may be a fixed amount or percentage of an eligible transaction.
Instead of receiving money instantly, reward points let you earn points through qualifying transactions or services, which you can redeem later at your convenience.
Payit customers can earn Reward Points through qualifying activities, including eligible international money transfers and everyday payments, subject to the applicable Payit rewards terms.
Loyalty programmes are designed around continued use of the service by eligible users rather than a single transaction. Depending on the provider, users may earn points or receive other benefits when they regularly use services.
These are usually available for a limited period and may include points, vouchers, raffle entries, and vary between providers and campaigns.
A cashback offer or a large number of reward points may look attractive, but the reward alone doesn’t tell you the overall value of a money transfer. Consider what the transfer costs, the exchange rate offered, how much the recipient receives and what the reward is actually worth.
What to compare | What to check |
Exchange rate | How much foreign currency the recipient gets |
Transfer fees | Total cost of sending |
Reward value | What the points or cashback are actually worth |
How rewards are earned | Which transactions qualify |
Redemption | Where and how rewards can be used |
Validity | When points or rewards expire |
Consider rewards alongside the overall cost of the transfer, the exchange rate offered and the amount the recipient receives. Ideally, rewards should add value to transactions you already need to make rather than encourage unnecessary transactions simply to collect points.
Common benefits offered by UAE remittance and money transfer services can include transfer fee waivers or discounts, promotional exchange rate benefits, referral bonuses, cashback offers and loyalty points.
Five factors to consider when evaluating a loyalty program include:
The earning rules should be simple and easy to understand. Check whether your transfer qualifies or whether rewards apply only to selected transactions. Also look for minimum transaction amounts, customer limits or promotional periods.
A large point balance is only useful if you can redeem it for something that you want. Focus on available redemption options rather than the number of points offered.
If you already use the same app for more than remittances, it can be useful when eligible everyday financial activity contributes to the same rewards balance. This can include payments, card usage, bills or other qualifying services, depending on the provider and applicable terms.
Always check what happens after you earn your points. Are you able to see your balance easily? Where can you redeem it? Are there minimum redemption amounts? Do vouchers or points have a validity period? These details will help you understand the practical value of a rewards programme.
Understand whether the programme rewards financial activity you already carry out or if it encourages unnecessary spending or transfers simply to qualify an offer.
Loyalty program that gives you benefits for sending money online, daily card and wallet usage, keeping a wallet balance, and other financial activities. You automatically collect Payit Rewards while using Payit’s services and these can be exchanged for vouchers.
Payit provides rewards when customers:
Send Money: Customers can earn 100 Reward Points per qualifying international money transfer, subject to the applicable Payit Rewards terms.
Spend Money: Users can earn reward points through eligible Payit services including bill payments and recharges, education fees, gift vouchers, eCommerce, merchant payments, and other qualifying Payit payment services, subject to reward terms.
Borrow & Receive Money: Users can earn 1,000 Reward Points per qualifying onDemand Payit request and 100 Reward Points per qualifying Payit Plus salary credit, subject to the applicable Rewards terms.
Customers can access their earned points and use them through the Rewards section in the Payit app. The current redemption value is:
1,000 Reward Points = AED 1 in voucher value
Available participating brands include Amazon, Noon, talabat, Lulu, IKEA, Vox Cinemas, cleartrip, Calvin Klein, Skechers, Levi’s and much more, subject to availability and applicable Payit rewards terms.
Users are always recommended to check the Payit app for the current options and stay updated.
Payit may also run limited-time campaigns alongside its ongoing Rewards programs. These campaigns provide users with additional ways to earn benefits. These campaigns may operate separately so the eligibility criteria, qualifying transactions and rewards can vary by campaign, subject to campaign-specific eligibility criteria and terms.
The Payit Win a Million Every Week campaign rewards eligible payit registered users for maintaining a minimum weekly balance of AED 1,000 in their payit wallet. Users automatically receive entries into the week’s draw by the maintained amount every week.
One winner was selected each week to receive 1,000,000 Payit Reward Points, equivalent to AED 1,000 in value. Eligibility criteria and campaign terms apply.
OnDemand is a Payit feature that allows eligible users to access short-term credit when they need extra money, face unexpected expenses, or don’t have enough balance. It gives quick access to funds when needed. The campaign highlighted quick access to funds, with eligible customers able to access up to AED 4,000, with no paperwork and a 30-day repayment period. Eligibility and applicable OnDemand terms apply.
For UAE expats, choosing a remittance app still starts with the search for fundamentals such as security, exchange rates, fees, convenience and reliable transfers. For people who regularly send money home, rewards often add value to that experience.
With Payit, eligible transactions can contribute to Payit Rewards while making eligible everyday transactions provide you with additional ways to earn within the same financial system.
Make your everyday transactions more rewarding with Payit Rewards.
Yes. Qualifying international transfers can earn rewards, depending on the provider. Payit offers Reward Points on eligible transfers.
You earn points on qualifying transactions and redeem them for available rewards through the Payit app.
Through qualifying Send, Spend and Borrow & Receive activities on Payit.
Points can be redeemed for available vouchers and other rewards through the Payit app subject to availability.
Eligible customers can earn welcome points, recieve a complimentary Letsgo Card after three salary credits and earn reward points every month when their salary is credited subject to applicable terms.
Yes. Payit periodically runs campaigns offering points, vouchers, prizes and other promotional benefits.
Rewards are one factor. Also compare exchange rates, fees, security and reliability.
8.Do reward points expire?
Point validity depends on the applicable Rewards terms.
9.Do I earn rewards on every transfer or only some?
Reward Points are earned on qualifying international money transfers, subject to the applicable Payit Rewards terms.