How Refer and Earn Works -Step by Step Guide

More people in India today are looking to earn an extra side income without investing a lot of time and effort in setting it up. Refer-and-earn apps offer the most efficient way for banks and financial institutions to engage their customers in a mutually beneficial partnership. Apps like IDFC FIRST Bank’s MyFIRST Partner app allow customers to generate a second income by referring various financial products, such as personal loans, to individuals in their social circle. IDFC FIRST Bank's MyFIRST Partner Referral Program empowers referral partners to potentially earn more than ₹1,00,000* per month. In this article, we'll delve into the workings of refer-and-earn apps, using IDFC FIRST Bank's MyFIRST Partner program as a prime example.

Understanding the functioning of refer-and-earn apps in India

Go through the following section to understand the functioning of refer-and-earn apps in India with IDFC FIRST Bank’s example:

1. Sign up for the program by downloading the MyFIRST Partner app

The journey to becoming a referral partner starts by downloading the bank’s dedicated app. IDFC FIRST Bank’s MyFIRST Partner referral app is a secure mobile application that helps customers refer loans to other customers and track their loan applications. This app serves as your portal to the refer-and-earn universe. It's available for both Android and iOS devices, ensuring accessibility for a wide range of users.

2. Register yourself through the app

Once the app is installed, you must begin the registration process. At this stage, you need to provide basic information to create your account such as your Aadhaar card, PAN, and bank account details. Banks need this information for tracking referrals and attributing them to the respective referral partners.

3. Sign up and get your digital ID

After getting registered, you will receive a unique digital ID. This digital identity is the key to your referrals being correctly attributed to you. Whenever someone applies for a product through your referral, your digital ID will be linked to that application.

4. Refer and track loan applications

With your digital ID in hand, you're now equipped to refer financial products to your friends, family, and acquaintances. When someone you've referred applies for a loan, make sure they input your digital ID during the application process. This ensures that the bank knows who referred the applicant. Through the MyFIRST Partner app, referral partners can track the progress of their referrals, giving them real-time updates on the status of the applications.

Advantages of signing up for a refer-and-earn program
 

1. Referral partners can build a reliable second income source:

A refer-and-earn program like MyFIRST Partner offers referral partners a great earning potential. Referral partners have the opportunity to earn a substantial income by referring products like personal loans. The more successful referrals made, the higher the potential earnings.

2. Referral programs offer flexibility:

These programs provide remarkable flexibility. Referral Partners can integrate this opportunity seamlessly into their existing schedules, making it an excellent choice for those with other commitments.

3. Banks do not require any initial investment:

Unlike many income-generation avenues, refer-and-earn programs require no upfront investment. IDFC FIRST Bank charges ₹0 as initial investment from customers who want to sign up for the referral program. Referral partners can start referring immediately after signing up, without any financial outlay.

4. Referral partners can tap into their social circle to earn more:

The MyFIRST Partner Referral Program empowers referral partners to leverage their social circle and tap into their networks to refer products to friends, family, colleagues, and acquaintances. This familiarity can often facilitate the referral process.

5. Referral programs are beneficial to the bank and the referral partner:

Refer-and-earn programs create a win-win situation for both the referral partner and the referred individual. The referral partner earns a payout, while the referred person gains access to financial products they might need. IDFC FIRST Bank deposits a 1.5% payout directly into the referral partner’s bank account.

6. Refer-and-earn programs offer sustainable earnings:

Once a referral results in a successful application, the earnings don't stop there. IDFC FIRST Bank’s referral partners can continue to earn a commission for as long as the referred individual maintains their relationship with the bank and uses its products and services.

Money-earning apps, like IDFC FIRST Bank's MyFIRST Partner Referral Program, represent a dynamic and innovative approach for generating income. Sign up for the MyFIRST Partner app today to start building a second income source. 

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.